More and more high-income Americans are shopping at Walmart

Higher-income households are increasingly shopping at Walmart (WMT).

The retail giant, whose shares rose more than 6% in intraday trading on Thursday after the company reported quarterly results and improved guidance, said it improved its U.S. market share last quarter, with gains “primarily” driven by wealthier households. This helped push comparable sales gains above 4% in the second quarter.

Walmart “is seeing higher engagement across all income groups, with high-income households continuing to drive the majority of gains even as we grow sales and market share among middle- and low-income households,” Chief Financial Officer (CFO) John David Rainey said in a conference call Thursday, the transcript of which was provided by AlphaSense.

Walmart’s earnings came on the same day as strong U.S. retail sales data

Walmart’s earnings were released at the same time as the latest monthly U.S. retail sales figures, which came in better than economists expected, signaling robust consumer sentiment.

Lower-income households continue to choose Walmart primarily because of prices, executives said Thursday. In higher income brackets, they said, growth will also be driven by Walmart+ memberships, delivery service and store remodeling.

“I think all of these things come together and give us the opportunity in the U.S. business to continue to grow and generate higher income regardless of what happens in the economy,” Chief Executive Officer (CEO) Doug McMillion said Thursday.

The market share news echoed what management said after the company reported its first-quarter results. “We’re not trying to increase sales from higher-income customers,” McMillon said at the time. “We’re just providing value.”