Strong sales, profit for Walmart on cusp of holiday season

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Walmart raised its outlook for the year after another surprisingly strong quarter as the largest retailer in the world flexed its scale to deal with rising costs and a snarled global supply chain. Walmart rerouted goods to less congested ports, even chartered its own vessels, and said Tuesday that its inventory levels actually rose 11.5% from the same period last year. It boosted market share gains as a result, particularly with groceries, as it drew in more Americans stung by prices that are rising everywhere. Food sales rose nearly 10% during the quarter.