Dora Diaz, left, looks at the school supply shopping list with her daughter Fernanda Diaz, 14, as they shop at a Walmart in Dallas on Aug. 12. (AP photo)

NEW YORK — Walmart Inc. powered through an uncertain economic environment and tariff concerns to deliver solid second-quarter financial results Thursday, showing it keeps pulling in shoppers and outpacing peers like Target.

The nation’s largest retailer reported a 4.6% quarterly increase in comparable sales — those coming from established stores and online channels. Company executives said Walmart was attracting customers, particularly higher-income shoppers who may have avoided its stores in the past, with fast deliveries, grocery discounts and trendier clothes.

The company, based in Bentonville, Arkansas, also raised its annual profit and sales outlook.

Walmart’s results differed notably from those of rival Target, which on Wednesday reported another quarter of comparable sales declines. The Minneapolis-based company has struggled to find its footing as customers defect to Walmart and other stores where they think they will find greater bargains and increasingly, the same or better merchandise.

Target’s board of directors named a 20-year company veteran on Wednesday to succeed CEO Brian Cornell when he steps down after 11 years in early 2026.

Walmart said its profitable e-commerce operations, advertising revenue and selection of products with high profit margins have given it flexibility to absorb extra costs from the range of tariffs President Donald Trump has put on foreign products.

Walmart CEO Doug McMillon told investors Thursday that the impact of tariffs also has been gradual enough to mute changes in consumer spending behavior. When the discounter raised prices on certain items, it’s observed lower- and middle-income customers trading down to lower-priced options or foregoing purchases, he said.

The company will continue to see its costs increase as it replenishes inventory at post-tariff price levels, McMillion said.

“We’re doing what we said we would do,” he said. “We’re keeping our prices as low as we can for as long as we can. Our merchants have been creative and acted with urgency to avoid what would have been additional pressure for our customers and members.”

A growing list of companies, including Procter & Gamble, E.lf. Cosmetics, Black & Decker and Ralph Lauren, told investors in recent weeks that they planned to or already had raised prices because of tariffs, though modestly.

None of that has derailed consumer spending. Shoppers spent at a healthy pace in July, particularly at the nation’s auto dealerships, as signs emerged that President Donald Trump’s trade policies were taking a toll on jobs.