Walmart now sees net sales rising 3.75% to 4.75% from last year, compared to prior guidance for a range of 3% to 4%. Walmart also tweaked its earnings forecast, saying it now expects adjusted earnings per share to range from $2.52 to $2.62. The previous outlook was for $2.50 to $2.60.

Walmart on Thursday raised its fiscal year sales and profit forecast, driven by strong demand from shoppers across all income levels, who have turned to the world's largest retailer as they worry about rising costs.

U.S. stocks are falling again, this time after the country’s largest retailer reported profits that came up short of Wall Street’s expectations. The S&P 500 fell 0.5% in early trading Thursday and was on track for a fifth straight modest loss since setting an all-time high last week.