Walmart Stock Hits All-Time High as Shoppers Go Bargain-Hunting

Walmart's stock and profits are surging as inflation-hit households increasingly turn to the budget retailer.

Shares for the big-box giant notched an all-time on Friday of $166.30, before closing at $164.66.

As supermarket prices continue to steadily rise — food-at-home costs in September grew 2.4% year-over-year — consumers have made Walmart the biggest grocer in the country. Last year the company did $300 billion in national grocery sales, well above its largest competitor, Kroger, which had nearly $110 billion.

Brad Thomas, the managing director at KeyBanc Capital Markets, told CNBC last month that he anticipates that over the next five to 10 years, both middle-income and affluent Americans will shift some of their spending toward Walmart.

In its most recent quarterly earnings report in August, the budget retailer reported a 53% surge in profits to $7.89 billion for the three-month period ended July 31.

Walmart CFO John David Rainey told analysts during a conference call that month that sales of general merchandise kitchen tools like hand blenders and stand mixers have risen as customers prepare more food at home.

He added that "they're also buying more necessities and focusing on lower-priced items and brands."

Walmart's fiscal third-quarter results are set to be announced on Nov. 16th.