Walmart CEO Doug McMillon said Tuesday that higher-income customers are increasingly migrating to the retail giant's stores in search of value as inflation persists.
During a call with investors regarding the company's second-quarter earnings results, McMillon was asked whether he saw Walmart benefiting in terms of greater market share as consumers trade down seeking lower prices to stretch their budgets.
"I think we are holding at the lower end and adding at the upper end, generally speaking," McMillion said, referring to the income levels of customers.
McMillon also said he expects inflation to stick around.
"We certainly hope to hold share around the world, and I think this inflationary environment is going to last for a while," the CEO said. "So people are going to be value conscious, which plays to our strengths."