More people are turning to Walmart for groceries as the cost of fast food rises.

• John David Rainey, Walmart's Chief Financial Officer, stated that the high cost of fast food has attracted more customers to its grocery sections.
• On Thursday, the big-box retailer's first-quarter earnings and revenue surpassed Wall Street's expectations, while chains such as McDonald's, Starbucks, and Yum Brands reported disappointing results.
• Bettergoods, a premium grocery brand, was recently launched by Walmart, featuring unique items and flavors such as curry chicken empanadas.

Grocery stores want to offer diners a value meal in their aisles.

With the increase in the cost of fast food, the nation's largest grocer sees a sales opportunity.

Walmart's CFO John David Rainey revealed on a CNBC call on Thursday that some of the discounter's recent sales growth was due to customers seeking cheaper meal options in its grocery aisles compared to quick-service restaurants.

""Eating out is approximately 4.3 times more expensive than eating at home, which is advantageous for our business," he stated."

The gap between buying menu items and cooking food at home has increased due to the fact that some grocery items remain the same price or become cheaper, he stated.

On Thursday, the stock price of the company reached a new record high, following the announcement that its quarterly sales and revenue had exceeded Wall Street's expectations. Additionally, the company stated that it anticipated its full-year results to be above its earlier forecast, with a 3.8% increase in transactions in the U.S. due to increased customer visits to its stores and website.

While Walmart's store traffic and quarterly results are positive, restaurant companies, including limited-service chains, experienced a 3.5% decline in foot traffic in the first quarter, according to Revenue Management Solutions. Restaurant executives attributed this decline to bad weather in January and February, as well as a consumer slowdown, particularly among lower-income diners.

McDonald's has faced criticism over its pricing, with an $18 Big Mac combo in Connecticut going viral on social media. The chain's executives defended its pricing during a conference call, while disappointing U.S. same-store sales growth of 2.5% suggests that its foot traffic decreased during the quarter.

McDonald's CEO Chris Kempczinski stated that consumers, especially those with lower incomes, are seeking deals. The chain will introduce a $5 value meal starting June 25 for approximately a month.

Fast-casual chains such as Chipotle, Panera, and Shake Shack have all reported strong sales in their most recent quarters, indicating that not all restaurants have had trouble getting diners to pay higher prices.

The U.S. Labor Department's inflation data reveals the gap between the cost of food prepared at home or packed for lunch and the cost of food purchased at coffee shops or restaurants. According to April data, the price of food at home, which includes the total cost of groceries and other food stores, increased by 1.1% year over year. In contrast, the price of food away from home, which encompasses meals purchased at coffee shops and restaurants, rose by a substantial 4.1% year over year.

During Walmart U.S.'s earnings call on Thursday, CEO John Furner highlighted a new tool in the company's arsenal to compete more aggressively with restaurants: its new grocery brand, Bettergoods.

The premium line offers exclusive flavors and accessories for health-conscious customers or those with specific dietary needs, such as gluten-free or plant-based options. Examples include strawberries and cream-flavored Greek yogurt, curry chicken empanadas, restaurant-style chicken wings, and salted caramel oat milk ice cream.

Furner stated that 70% of the brand's products are priced below $5, which could attract the attention of shoppers looking to feed a family of four, five, or six.

— CNBC's Amelia Lucas contributed to this report.