Walmart’s strong earnings show private-label brands with shelf appeal pay off

Walmart made a bet on high-income customers with a private-label brand of food products packaged to look upscale—and it looks like it paid off. Walmart announced strong third-quarter earnings this week, and CFO John David Rainey said on the company’s earnings call that “upper-income households” accounted for “the majority of our share gains.” The company launched Bettergoods, its new private-label brand, in April. With products that are plant-based, organic, and gluten-free,...