For one, shoppers have made a massive flight to lower prices, which Walmart has more of, as low- and high-income consumers alike protect their pocketbooks. Walmart’s size and cash also give it the advantage in handling e-commerce deliveries more quickly and ensuring that things people want are on the shelves.

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.