Walmart Reports Strong Sales, Expects Continued Growth

Walmart's third-quarter revenue grew 5.5% and its operating income rose 8.2% as growth in comparable store sales reached its highest level of the year, the retail giant said Tuesday.

Global online sales also surged 27%, up from 21% in the company's first and second fiscal quarters, according to the Associated Press.

Comparable store sales, which include e-commerce, rose 5.3% in the U.S., up from 4.2% in the second quarter and 3.8% in the first, AP said.

In an interview with CNBC, Walmart Chief Financial Officer John David Rainey said year-over-year sales of general merchandise — which excludes groceries — rose for the second quarter in a row after nearly three years of declines.

But shoppers put off purchases until spotting good deals, Rainey said.

"We're expecting this holiday period to be very consistent with that," he said. "They're focused on price and value."

Tuesday's strong results beat analysts' expectations and led the Bentonville, Arkansas-based company to raise its yearly forecast of sales growth to between 4.8% and 5.1%, up from 3.75% to 4.75%, CNBC reported.

Walmart also expects earnings per share in the range of $2.42 to $2.47, up from August projections of between $2.35 and $2.43, AP said.

The company's stock price rose in early trading and was $87.53, up 4.1% late Tuesday morning.