Walmart raised its forecast on Tuesday, as its customers bought more discretionary merchandise, ordered more deliveries to their homes and started their holiday shopping. The discounter now expects net sales will grow between 4.8% and 5.1% for the full year. That compares with its previous forecast for between 3.75% and 4.75% sales growth for the period. The updated outlook came as Walmart posted third-quarter earnings and revenue that beat expectations. In a CNBC interview, Chief Financial Officer John David Rainey said sales of general merchandise — outside of the grocery department — grew year over year for the second quarter in a row after declines for 11 straight quarters. Still, he said consumers are waiting to make those purchases until they see a compelling deal, especially as they pay more for food. “We’re expecting this holiday period to be very consistent with that,” he said. “They’re focused on price and value.” Here…
