In contrast, Target reported an earnings miss Wednesday, with profit that fell by about 50% in its fiscal third quarter.
"General merchandise softness continues to be linked to Covid-winner categories (CE, home, and apparel basics), although the category's performance also improved sequentially."
Walmart's general merchandise sales fell at a low-single digit pace, its chief financial officer, John Rainey, said on the earnings conference call Tuesday.
For Target, the softness in general merchandise is taking its toll.
The retailer has made some progress clearing through its excess inventory, but the fiscal thir quarter brought higher-than-expected markdowns, Target said.