*

U.S. comparable sales up 4.5%, beating 3.8% estimates

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Adjusted earnings 62c/share; revenue up 5.8% to $179.5

billion

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Wealthier consumers drive growth in delivery, general

merchandise

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Walmart ( WMT ) to shift listing to Nasdaq from NYSE on Dec 9

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Raises full-year net sales and earnings forecasts

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Shares rise 5.9% in morning trading

By Juveria Tabassum and Siddharth Cavale

Nov 20 (Reuters) - Walmart ( WMT ) on Thursday raised

its annual forecasts for the second time this year after another

strong quarter led by surging online sales, in a signal of

confidence headed into the holiday season.

Shares rose 5.9% in early trading after it bumped up its

annual net sales forecast to between 4.8% and 5.1%, up from a

prior target of 3.75% to 4.75%.

It also lifted its adjusted earnings per share outlook to

$2.58 to $2.63, compared with $2.52 to $2.62 previously, and

said it will shift its stock listing to the Nasdaq from the

NYSE.

"Holiday is off to pretty good start," Chief Financial

Officer John David Rainey said on a post-earnings call, pointing

to strong Halloween and early Thanksgiving sales. He said the

company remains optimistic about shoppers leaning into seasonal

holiday events, though some moderation persists, and expects

fourth-quarter trends to be broadly in line with earlier

quarters.

U.S. comparable sales, which combines online and store

sales, rose 4.5% in the August through October period, topping

estimates of 3.8% growth, according to LSEG.

Online sales were a bright spot, climbing 28%, driven by

groceries. Gains came across income brackets, though

upper-income households once again led the way, Walmart ( WMT ) said.

Wealthier consumers are cashing in on the convenience of

faster deliveries, and Walmart ( WMT ) said its "expedited deliveries,"

which aim to happen under three hours, rose 70% in the quarter.

Overall, U.S. e-commerce marked its seventh consecutive

quarter of growth above 20%, the company noted in a

presentation.

The company also saw strength in discretionary categories, such

as apparel and home "hardlines" like furniture, again driven by

higher-income households. Spending among lower-income households

moderated, Rainey said, noting that, as of October, the gap in

wage growth between income groups was the widest it has been in

nearly a decade.

U.S. households, particularly low- and middle-income earners,

have been under mounting financial stress for some time due to

persistent inflation and a slowing job market. Tariffs and

uncertainty surrounding the recent U.S. government shutdown have

also weighed on spending.

Despite the challenging backdrop, Walmart's ( WMT ) stock has

climbed about 11% this year, far outpacing the 0.25% drop in the

S&P 500 Consumer Staples index.

The stressed consumer environment has played to Walmart's ( WMT )

strengths, reinforcing its role as a go-to destination not only

for lower-income households but increasingly for wealthier

shoppers as well.

By contrast, home improvement firms Lowe's and Home

Depot ( HD ) lowered their annual targets this week, blaming

consumer weakness, and Target sales were also lower.

"For the broader retail industry, Walmart's ( WMT ) performance signals

a bifurcated consumer landscape, where value-oriented giants

thrive by attracting diverse income groups, while

discretionary-focused peers like Target face headwinds," said

Bryan Hayes, strategist at Zacks Investment Research.

Third-quarter adjusted earnings for Walmart ( WMT ) came in at 62

cents per share, beating Wall Street expectations by 2 cents.

Total revenue rose 5.8% to $179.5 billion, ahead of forecasts of

$177.4 billion.

MOVES LISTING TO NASDAQ AMID AI PUSH

Walmart ( WMT ) said it will shift its stock listing to the Nasdaq

from the NYSE beginning Dec. 9, a move that underscores how

deeply technology is now embedded in the company's operations

and growth strategy.

The exchange transfer also comes just a few days after Walmart ( WMT )

named veteran executive John Furner its new CEO, succeeding Doug

McMillon, as the retailer accelerates efforts to become more

tech-driven.

On a post-earnings call with analysts, executives said that

more than 40% of Walmart's ( WMT ) new software code is now either

AI-generated or AI-assisted. A decade of investment in

automation has also reshaped Walmart's ( WMT ) U.S. logistics network,

executives said, with more than 60% of freight now moving

through automated distribution centers and over half of online

orders fulfilled in automated facilities.

Behind the scenes, Walmart ( WMT ) is tapping advanced tools like

Agentic AI to sharpen catalog accuracy and spot gaps in its

assortment, helping customers find products faster.

"Moving to Nasdaq aligns with the people-led, tech-powered

approach to our long-term strategy," Rainey said on the call.

Walmart's ( WMT ) strength extended beyond the United States, with

international sales climbing 10.8% in the quarter. The gains

were fueled by strong performances from its Flipkart marketplace

in India, Sam's Club in China, and Walmex stores in Mexico.