Americans still shopping at Walmart despite recession signs

Sales up 2.8% during most recent quarter

By Nathaniel Meyersohn, CNN Business
CNN Money

(CNN) - Fresh off Wall Street's worst day of the year, Walmart calmed investors worried the US economy could fall into a recession.

Walmart, a Dow stock and bellwether of consumer spending, said Thursday that sales at its jumbo-size US stores increased 2.8% during its most recent quarter compared with the same period a year ago. Walmart also raised its guidance for the remainder of the year, signaling optimism about the strength of its business.

"Our customers' economic health remains solid and our competitive position is strong," Walmart CFO Brett Biggs said in prepared comments Thursday.

Shares of Walmart gained close to 6% during pre-market trading and helped stabilize Dow futures.

This is a breaking news story and will be updated.

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