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.

Walmart signaled it sees the momentum continuing for the holiday shopping season, raising its guidance for fiscal year 2025 for the third time. Net sales are now expected to grow between 4.8% and 5.1%. Previously, Walmart guided to 3.75% to 4.75% sales growth. Coming into the year, Walmart had expected 3% to 4% sales growth.

Walmart Inc. boosted its outlook for the year on strong demand from US consumers searching for value, driving shares up 4% in premarket trading in New York.