After a lackluster start to the year, Walmart is reporting the strongest sales gain the company has seen in more than a decade fueled by its grocery business.
The uptick sent shares for the Arizona-based company soaring this week in early trading, and reflects its recent commitment to expanding its grocery business.
Back in June, Walmart announced plans to expand its grocery delivery service in the St. Louis area, which will add its online grocery pickup option at about 10 additional stores in the region before year’s end. The company now offers curbside pickup of online grocery orders in 1,800 U.S. stores.
Comparable sales at U.S. Walmart stores rose 4.5 percent in the three months leading up to August, the company said Thursday, more than double analysts’ estimates. Grocery sales rose the most in nine years thanks to improved fresh-food offerings, and web revenue growth accelerated from the previous period.
Walmart, which is the world’s biggest retailer, also boosted its full-year forecasts for comparable sales and adjusted profit.
Read more: St. Louis Post-Dispatch