Walmart on Tuesday raised its annual sales and profit forecast for the third consecutive time, with people buying more groceries and merchandise online and at its stores, a sign that it may be gaining market share ahead of the holiday season.

The bellwether retailer reported higher-than-expected sales in its latest quarter and upgraded its forecast for the rest of the year.

The retailer saw share gains in new shoppers across income levels mainly led by upper-income households, which make more than $100,000 in annual income, Walmart officials said during an earnings call on Tuesday. Walmart in a previous earnings call had also highlighted the rise in its higher income shoppers.

Though inflation has not made much headway in recent months, it is on a downward trend, raising purchasing power. Walmart said it saw share gains across income cohorts mainly led by upper-income households, which make more than $100,000 in annual income.

Walmart Inc. WMT is gearing up for its biggest shopping event of the year, the 'Black Friday Deals' event, starting Nov. 25 and running through Cyber Monday on Dec. 2. This week-long event offers unbeatable discounts across a wide range of popular categories,

Walmart’s US sales at stores open for at least a year grew 5.3% last quarter compared with the year prior, the company said Tuesday. Its profit grew 8.2% last quarter. Walmart raised its financial outlook, a signal it expects a strong holiday shopping season.

Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could