Walmart holiday quarter sales top estimates, shares jump

Walmart Inc reported an estimate-beating jump in holiday quarter comparable sales on Tuesday as a strong economy boosted consumer spending and fueled more e-commerce purchases, sending shares of the world’s larger retailer up almost 5%.

The performance offered a glimpse into the health of the US consumer as spending was helped by a strong labour market and cheaper gasoline prices.

“We still feel pretty good about the consumer. We haven’t seen much of a change,” Walmart Chief Financial Officer Brett Biggs told Reuters. “The data we are seeing still looks pretty healthy. Gas prices are down year over year, which helps.”