Walmart’s strong third quarter performance exceeded Wall Street expectations, with profits rising to $6.14 billion and sales up nearly 6% to $179.5 billion. The retailer raised its financial outlook for the year and announced a leadership change, with CEO Doug McMillon planning to retire early next year.

McMillon has led Walmart to robust sales growth by focusing on low prices, technology integration, and e-commerce. The company’s global e-commerce sales rose 27%, and it expects adjusted profits per share for the fiscal year to be in the range of $2.58 to $2.63, up from previous estimates.

Walmart’s leadership change comes amid economic uncertainty and challenging times for retailers. The company is seen as a barometer of consumer spending, with over 150 million customers shopping at its stores or online each week. Analysts will be watching how incoming CEO John Furner continues McMillon’s strategies.

Under McMillon’s stewardship, Walmart has invested in artificial intelligence, robotics, faster deliveries, and a membership program called Walmart + to compete with Amazon Prime. The retailer’s strong performance in the latest quarter reflects the success of these strategies in driving growth and revenue.

Read more at Yahoo Finance: Walmart raises profit expectations as more Americans hunt deals in sluggish economy