“We’re seeing higher engagement across income cohorts, with upper-income households continuing to account for the majority of the share gains,” CFO John David Rainey told industry analysts in a recent earning call, according to Fox Business Network.
The company defines the income groups roughly as $50,000 and below, $50,000 to $100,000, and $100,000 and above.
It’s been a consistent theme for the Arkansas-based retailer while household budgets remain under pressure. Rainey noted that in back-to-back fiscal quarters the retailer had “share gains among upper-income households.”
The comments come as inflation remains above the Federal Reserve’s 2% target. In April, inflation climbed 3.4% from the same time last year, down from the 3.5% reading in March. While inflation has fallen considerably from a peak of 9.1%, progress has largely flatlined since the summer.