Walmart boosts outlook after a strong first quarter and rising online sales

(AP) — Walmart reported a strong first quarter and boosted its outlook for the year as the nation’s largest retailer continues to draw budget conscious consumers in a challenging economic environment. 

Shares rose 1.5% in premarket trading Thursday. 

Walmart’s financial performance hints at a U.S. consumer that has remained resilient in the face of stubbornly high inflation and tightening credit, though evidence of a pullback in spending has begun to emerge for a number of retailers, particularly for non-essential goods.