Walmart and the nation’s largest retailer are in a race to become the most profitable retailer in history.
The Walmart and CVS chain both posted record quarterly profit gains for the first time in recent history last week.
Walmart’s revenue surged to $8 billion, while CVS grew to $6.2 billion.
But Walmart’s biggest gain came in its business of retailing, which rose to $1 trillion last year, a record for the company.
The company’s profit is forecast to increase to $4.5 trillion this year.
Walmart and CNV are already on track to break $1 billion in profit by 2021.
Walmart and its chief executive officer, Doug McMillon, said they are targeting $1,000 profit per store by 2021, up from $900 per store now.
Walmart is spending billions on new stores in the U.S., as it tries to regain lost ground in the apparel market.
The company’s annual sales jumped 15 percent last year to $31.6 billion, but that is still far below the $36 trillion that Walmart and Wal-Mart Stores Inc. have spent in their 20-year history.
The retailer has been working to build up its customer base, with the opening of several new stores this year, including a $1 million-plus store in the Midwest.
Wal-Mart has spent $50 billion on new store expansions since opening its doors in 1984, and it is aiming to reach $50 trillion in annual sales by 2021 with the expansion of its online store.
WalMart is planning to spend another $60 billion on other stores and infrastructure over the next five years.