The bellwether retailer reported higher-than-expected sales in its latest quarter and upgraded its forecast for the rest of the year.

Walmart on Tuesday raised its annual sales and profit forecast for the third consecutive time, as people bought more groceries and merchandise, a sign the world's largest retailer continues to gain market share ahead of the holidays.

The retailer saw share gains in new shoppers across income levels mainly led by upper-income households, which make more than $100,000 in annual income, Walmart officials said during an earnings call on Tuesday. Walmart in a previous earnings call had also highlighted the rise in its higher income shoppers.

Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could

Walmart on Tuesday raised its annual sales and profit forecast for the third consecutive time, with people buying more groceries and merchandise online and at its stores, a sign that it may be gaining market share ahead of the holiday season.