Walmart Inc (WMT  ) just reported its latest quarterly performance before the bell and it delivered plenty of good news. Besides smashing Wall Street's profit and revenue estimates, Walmart lifted its full-year guidance, which is quite a sharp contrast to the report its rival Target (TGT  ) posted yesterday.

Second Quarter Highlights

Revenue for the quarter amounted to $161.63 billion, topping Refinitiv's estimate of $160.27 billion. Net income rose 33% to $7.89 billion, or $2.92 per share, while adjusted earnings amounted to $1.84, also topping Refinitiv's expectation of $1.71.

As for same-store sales in the U.S., Walmart posted a 6.4% YoY rise, excluding fuel, which is a sharp contrast to Target who experienced a 5.4% drop. It is also higher than 4.1% rise that Fact Set estimated based on a survey of analysts.

Foot traffic rose 2.8% and average ticket in the U.S. went up 3.4%. Walmart's e-commerce efforts have already fueled online sales that rose 2.3%, topping Bloomberg's expectations of 1.54%.

Walmart's Side Hustle Is Working Out

Walmart is also doing advertising on the side, with its Walmart Connect segment rising 36% YoY.

Third Quarter Guidance

For the undergoing quarter, sales are expected to expand 3% with adjusted earnings per share to be in the range between $1.45 and $1.50.

Lifted Full Year Guidance

Up from its prior guidance of 3.5% rise, Walmart is now expecting full fiscal-year consolidated net sales to rise by 4% to 4.5% while the outlook for adjusted earnings per share is between $6.36 and $6.46, up from the previous range of $6.10 and $6.20. This is quite a contrast to its rival Target who slashed its annual guidance as it continues to fight for price-conscious shoppers.

Walmart Benefited From Cost-conscious Consumer Behavior

Chief Financial Officer John David Rainey noted that electronics and home goods sales moderately improved, which was not something that Home Depot (HD  ) reported as its revenue dropped, although even its quarterly results showed that consumer wallets are not closed. As inflation continues to pinch consumers, Walmart is gaining market share across all segments. Walmart stood apart from other retailers such as Target as customers have visited its stores and website more often, showing it is better insulated than others from consumers' changing responses to macroeconomic conditions.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.