Walmart's earnings shine

Walmart kicked off US retailers' reporting season on Tuesday with robust fourth quarter results after inflation-squeezed shoppers flocked to its stores, and said it would buy smart-TV maker Vizio for $2.3 billion, reports Reuters.

Walmart's bigger focus on groceries than rivals such as Target has provided a bulwark against the broad slowdown in discretionary spending. It is attracting more customers, even from higher-income households, by keeping grocery prices low as its size gives it negotiating power over suppliers, analysts say.

The company said it offered significantly more price cuts on food products at its US stores during the fourth quarter, even after big cuts in the third quarter. In some categories like apparel and hard goods, prices are lower than a year ago and even two years ago, the company said on a conference call.

In addition, its efforts to spruce up its massive stores, expand its selection of online merchandise and offer more pickup and delivery options, helped it drive more transactions in stores.