On Tuesday, Walmart reported third quarter sales at stores that have been open for a year or more. The report announced an annual US sales growth of 8.2 percent. This unexpected growth that was higher than that of analysts’ estimates and sent the big box retailer’s stock soaring by 6 percent, at pre-market trading, on Tuesday.

Walmart’s higher sales is welcomed by the market as the company’s sales especially grocery is an indication of the nation’s retail trends. Grocery accounts for more than 50 percent of the giant retailer’s sales.

Walmart said that it has seen “strong grocery share gains, including from high-income households.”

The big box retailer has always said that it provides value for the buck and also keeps on expanding its range of products and brands to suit the pocketbook of all its customers. It also said that sales in its private brand have seen a spurt as customers have been shifting their purchases from pricier brands to cheaper store labels.

There is also a change in the spending pattern among consumers due to inflation. Most of the shoppers are changing priorities and groceries and daily essentials are seeing growth while discretionary spending is falling.

Last quarter, Walmart saw an increase to the mid-teens for grocery sales and a “low single-digit” growth for sales of general merchandise.

The nation’s largest retailer also noted that there was a “softness in discretionary categories including electronics, home, and apparel.”

Walmart has long dominated the grocery sector and the latest quarter has seen additional growth in its food and beverage categories. This strong performance from grocery has also resulted in the company raising its guidance for the next year.

Walmart CEO Doug McMillon told analysts that the company was “focusing on earning repeat business from customers shopping with us more frequently than before.” He also said that the retailer liked where their “price gaps are.”

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