Walmart (NYSE: WMT) recently reported its fiscal 2024 first-quarter financials, and the results beat Wall Street expectations. Thriving in the face of inflation During the company's most recent fiscal quarter (Q1 2024 ended April 30), U.S. same-store sales were up 7.4%, with e-commerce revenue increasing 27%. For comparison's sake, that valuation is higher than Walmart's trailing three-, five-, and 10-year average P/E multiples, a clear sign investors are probably viewing the stock as a safe haven in this type of economic environment.