Walmart has received nearly $3 billion in tariff refunds and says it will use some of the benefit to help keep prices low for shoppers, while the windfall also gave quarterly profit growth a significant boost.

The company said it “prioritized investment in price” after receiving refunds tied to tariffs imposed under the International Emergency Economic Powers Act, or IEEPA.

The refunds came as Walmart continued leaning into its value proposition. The retailer pointed to more than 11,000 price rollbacks across its U.S. stores during the quarter.

“We’re investing in prices because customers are looking to us for value,” the company said in an earnings release. 

The tariff refunds also provided a substantial boost to Walmart’s quarterly earnings. Adjusted operating income rose roughly 17% on a constant-currency basis, with the refunds contributing a 750-basis-point net benefit.

Excluding that benefit, Walmart said underlying operating income growth still reached the top end of its previous 7% to 10% second-quarter guidance.

Sales also continued to rise. Total revenue increased 5.9%, while comparable sales at Walmart U.S. grew 2.6%, excluding fuel.

Walmart’s digital businesses posted faster growth. Global e-commerce sales increased 23%, including a 24% gain at Walmart U.S. and 26% growth at Sam’s Club U.S.

Store-fulfilled delivery at Walmart U.S. jumped 40% during the quarter, while marketplace net sales increased more than 50%.

The retailer said stronger sales, improving business economics and continued investment in pricing and technology gave it confidence to raise its sales and operating-income growth guidance for the year.

Walmart generated $19.7 billion in operating cash flow during the period, along with $5.5 billion in free cash flow.

The tariff refunds add another lever to Walmart’s push to hold down prices as it competes for value-conscious shoppers while expanding its higher-growth e-commerce, marketplace and delivery businesses.