Walmart's hot sellers? Hand mixers and kitchen tools. In an era of high prices, basic is king

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Walmart is reporting strong second-quarter sales results as the retailer’s low-price model continues to attract budget conscious consumers in a tough economic environment

NEW YORK — Walmart racked up another strong quarterly sales gain as its low-prices continue to attract budget conscious consumers looking for deals in a tough economic environment.

The nation's largest retailer boosted its annual outlook Thursday after reporting better-than expected second-quarter results sending shares, already up 13% this year, slightly higher at the opening bell.

Walmart is among the first batch of major retailers to report results for the three-month period ended July and is considered a crucial barometer of spending given its size and the breadth of its customer base. And the performance at the low-cost store compared with many of its peers, where sales are flagging under the weight of inflation, reveals a lot about a massive swath of U.S. consumers right now.

A strong job market, rising wages and pockets of easing inflation have juiced spending by Americans. But rising energy prices, the recent resumption of student loan payments put on hold during the pandemic and rising interest rates mean that millions more people are starting to feel increased economic pressure, Walmart CEO Doug McMillon told analysts on Thursday.

That has benefited Walmart, which books more than half of its sales each year from its grocery aisle. Walmart also said in recent quarters it has begun to attract higher income shoppers, while longtime customers trade down to private label items that are less expensive than national brands. And customers buying more grocery staples and turning to hand blenders, stand mixers and other kitchen tools as they prepare