NEW YORK (AP) — Walmart delivered another standout quarter, posting strong sales and profits that surpassed Wall Street expectations.

With other retailers dialing back projections, the nation’s largest retailer last week raised its financial outlook after its strong third quarter, setting itself up for a strong holiday shopping season.

Walmart Inc., based in Bentonville, Ark., also said that it will be transferring the listing of its common stock to the tech-heavy Nasdaq from the New York Stock Exchange.

It expects its common stock to begin trading on the Nasdaq Global Select Market on Dec. 9, under the same ticker symbol “WMT.”

CEO Doug McMillon, who surprised investors earlier this month by announcing plans to retire early next year, is credited with reshaping Walmart itself as tech-powered retail giant that has leaned heavily into automation and artificial intelligence.

McMillon spearheaded a period of robust sales growth since becoming chief executive in 2014, going toe-to-toe with online behemoth Amazon.

John Furner, 51, the head of Walmart’s U.S. operations, will take over on Feb. 1, the day after McMillon’s retirement becomes effective.

Walmart’s performance serves as a barometer of consumer spending given its size and vast customer base. The company maintains that 90 percent of households rely on Walmart for a range of products and more than 150 million customers shop on its website or in its stores every week.

“We’re gaining market share, improving delivery speed, and managing inventory well,” McMillon said in prepared remarks. “We’re well-positioned for a strong finish to the year and beyond that.”

That compares with a mixed performance from other retailers so far this quarter.

Target’s third-quarter profit declined as the retailer struggled to lure shoppers that are being pressed by stubbornly high inflation. The Minneapolis company last week said that it expects its sales slump to extend through the holiday shopping season.

The most recent quarter is the latest challenge for incoming CEO Michael Fiddelke, a 20-year company veteran who is replacing CEO Brian Cornell in February.

Home Depot, which also reported its third-quarter results last week, was mixed with fewer violent storms reaching shore, more anxiety among consumers and a sluggish housing market, company officials said. The company lowered its fiscal 2025 adjusted earnings forecast but raised its expectations for sales growth.

TJX, which operates HomeGoods and TJ Maxx, continues to lure frugal shoppers. Last week, it upgraded its full-year outlook and turned in higher profit and sales during the recent quarter.

Walmart, too, has been focused on maintaining low prices while the company under McMillon deploys new technologies, from artificial intelligence to robotics. Walmart has also invested heavily in e-commerce and faster deliveries.

Walmart has also sought out new sources of revenue such as advertising and launched a membership program called Walmart + to compete with Amazon Prime.

Those efforts have paid off.

Third-quarter profits rose to $6.14 billion, or 77 cents per share, in the quarter ended Oct. 31.

Adjusted earnings were 66 cents, or 6 cents better than Wall Street had expected, according to a poll by data firm FactSet. That is greater than the $4.58 billion, or 57 cents per share, the company earned in the same period last year.

Sales rose nearly 6 percent to $179.5 billion, also exceeding the expectations of most analysts.