Walmart spent $2.7 billion fixing a huge mistake

Walmart shares were up nearly 9% Thursday morning after the retailer posted higher-than-expected quarterly profit and revenue amid a weak overall retail landscape.

The company posted first-quarter earnings per share of 98 cents, versus $1.03 a share last year. Revenue rose to $115.9 billion for the quarter, up from $114.83 billion a year earlier.

In the US, same-store sales rose 1% in the quarter, driven by a 1.5% increase in traffic.

Walmart attributed the gains in part to its investments in labor, which in turn have resulted in a better store experience for customers.

The company last year committed to investing $2.7 billion over two years in wage increases, scheduling improvements, and employee training.

Walmart US President Greg Foran said many associates are spending their extra income at stores.

NOW WATCH: There's only one way to get a burger at Chick-fil-A

Please enable Javascript to watch this video