Walmart raises its earnings outlook on strong demand for bargains – National [Video]

Walmart had another quarter of strong sales that topped almost all expectations with its comparatively low prices proving a powerful draw for millions who have struggled with rising costs for housing, groceries and almost everything else.

The nation’s largest retailer also raised its full-year outlook in a sign of confidence of its business model.

Walmart Inc. reported earnings of $4.5 billion, or 56 cents per share, in the three months ended July 31. That compares with $7.9 billion, or 97 cents per share, in the same period last year. Adjusted per share earnings were 67 cents, or 2 cents better than Wall Street had expected, according to FactSet.

Sales rose nearly 4.8% to reach $169.33 billion, also beating expectations.

Comparable store sales — which include online and stores open for the past 12 months — rose 4.2% in the U.S. That compares with 3.8% in the first quarter, and 4%, …