with prices of goods still high more higherincome us shoppers are turning to bigbox discount chain walmart inc for relief a trend some analysts see persisting in the months ahead and while walmart’s wmt financial outlook issued this week was weaker than expected executives said wealthier shoppers were driving marketshare gains “we’re gaining share across income cohorts including at the higher end which made up nearly half of the gains we saw in the us again this quarter” walmart chief executive doug mcmillon said on the retailer’s fourthquarter earnings call on tuesday “and we’re also capturing a greater share of wallet at sam’s club in the us with both mid and higherincome shoppers” he added that online ordering and delivery options broadened walmart’s appeal to those customers later in the call chief financial officer john rainey said higherincome customers had driven “nearly half” of walmart’s marketshare gains in groceries where greater demand has helped kept prices elevated even at discount stores rising prices over the past year have forced more consumers to focus their spending on basics like groceries but as those essential purchases vacuum up consumers’ savings retailers have had to cut prices on less essential goods like clothing and electronics to get shoppers to buy walmart’s growing appeal among wealthier shoppers was one reason bofa analysts kept their buy rating on walmart’s stock “we see support for this trend to continue in a moderating but still elevated inflationary environment in” fiscal 2024 the analysts said in a research note the bofa analysts lowered their fiscal 2024 adjusted earningspershare estimates for walmart to 605 from 645 to be in line with walmart’s forecasts but they said walmart was “wellpositioned” for the fiscal year ahead helped by its grocery business and instore and online service “moreover walmart’s relatively lower exposure to discretionary general merchandise vs peers like target implies less risk from a top line perspective in a potentially weakening macro environment as well as from a marginmix shift standpoint” the analysts said shares of walmart were down 22 on wednesday the stock is up 56 over the past 12 months the sp 500 spx has fallen 69 over that period