President Trump on Thursday held up Walmart’s latest strong quarterly results as indicative of how well the U.S. economy is doing, and added that American tariffs on Chinese goods also helped the nation’s economy.

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Walmart announced, others announced. We had some tremendous numbers come out today, which I’m sure you saw,” Trump said to reporters in Morristown, New Jersey, before heading to an event in Manchester, New Hampshire. “So, we’re very happy about that. We’re doing very well. The economy is incredible. The consumer, probably above all else, the consumer is doing incredibly.”

Ticker Security Last Change %Chg
WMT WALMART INC. 112.69 +6.49 +6.11%

Trump was referencing Walmart’s earnings and outlook for the rest of the year. In hopes of competing with Amazon, the Arkansas-based retailer has invested in its online operations and is launching a slew of services, including InHome Delivery, an offering under which Walmart associates will deliver groceries directly to a person’s home.

Their second-quarter results show the initiatives are having early payoffs.

This file photo shows the entrance to a Walmart in Pittsburgh. (AP Photo/Gene J. Puskar, File)

On Thursday, the world’s largest retailer topped earnings estimates, reporting profits of $3.61 billion, or $1.27 per share, on revenue of $130 billion. Meanwhile, same-store sales grew 2.8 percent in the quarter as online sales increased 37 percent.

“We’re experimenting with emerging technologies to improve store operations and reduce friction in our customers’ lives,” CEO Doug McMillon said in prepared comments. “The initiatives we have underway provide extended access to our brand and position the company to earn a greater share of our customers’ wallet over time.”

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