Today’s Walmart is a far cry from that customers have historically seenaccording to Walmart CFO John David Rainey. It’s not an accident either.

Rainey, who joined the company in 2022 after holding senior roles at PayPal and United Airlines, told FOX Business that the nation’s largest retailer has been “upgrading” its brand and improving the look of shops, which are key factors behind its appeal to higher levels. income buyers.

“The Walmart of today is very different from the Walmart of a few years ago,” Rainey said, adding that it has been making changes that “appeal to a much broader demographic than we have historically.”

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Over the past few years, Walmart has consistently reported an increase in higher income households. In its most recent fiscal quarter, the company announced that it had continued to “gain market share in the US, both in grocery and general merchandise,” with households making more than $100,000 accounting for 75% of its earnings shares

Walmart’s modernized clothing section (Walmart)

The company reported that its third quarter revenue rose more than 5% from the previous quarter to $169.6 billion, beating the Wall Street estimate of $167.72 billion. Adjusted earnings per share also beat Wall Street estimates by 5 cents. The company’s success has impressed Wall Street, with the company’s stock rising more than 60% year to date.

Rainey credits part of the company’s success in attracting a wider range of buyers, including more affluent customers, to expanding its product assortment, particularly in its e-commerce business. Adding high-end items, such as Apple products or Bose headphones, which “are sought after by more affluent customers,” are some examples of this strategy, he noted.

Rainey acknowledged that the company is not able to carry all the brands that “will appeal to a broad representation of consumers in our stores.” This is where he said they lead their online market. The company reported that it had more than 700 million items in your market.

But even with this expansion of its traditional assortment, Rainey reiterated that the company is “not alienating our more traditional customer cohorts.”

Walmart’s modernized grocery department (Walmart)

One of their main focuses has been to expand their assortment, incorporating more brands that appeal to “everyone”. But as the company added more products, including high-end items, other suppliers took notice and wanted to join.

“If you’re a supplier or a marketer, you really want to sell your product where people are, where their eyes are. And that’s really helping us right now,” he said.

Aside from improving its assortment, Rainey said the company has increased investment in its store experience.

The company has been building new, modernized stores and remodeling hundreds of others.

Over the past three years, it has remodeled about 700 stores each year on average. During the next fiscal year, Rainey said they will do some more remodeling.

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“When you walk into one of these remodeled stores, it’s a very, very different experience than what you’ve historically thought about,” Rainey said.

New construction and remodeling stores features the company’s new store concept with improved designs, a larger product selection and new technology that will assist associates with customer service. The stores have renewed signs, paint, shopping carts and a new checkout design.

There are also interactive displays in certain areas of the stores and massive merchandise on display, so customers can get a better look at the products.

In the United States, the company operates slightly more than 4,600 stores and employs approximately 1.6 million associates. That doesn’t include the 599 Sam’s Club member stores it also operates in the US