Doug McMillon, chief executive officer of Walmart Inc., declared the economic health of consumers to be strong on Thursday when the retailer reported another solid quarter of results. With Black Friday a little over two weeks away, McMillon acknowledged “potential hurdles, including the shortened holiday selling season,” but said Walmart is ready, and promised to “remain nimble, so we can adjust as needed.”
Walmart’s net income in the third quarter ended Oct. 31, soared 93.3 percent to $3.28 billion, from $1.7 billion in the year-ago third quarter. Total revenue grew 2.5 percent to $127.9 billion from $124.89 billion in the prior year third quarter, but this was below analysts’ estimates of $128.6 billion. Comp-store sales rose 3.2 percent and Walmart Inc.’s third-quarter earnings per share increased 7.4 percent to $1.16, beating Wall Street analysts’ estimates of $1.09 a share.
Walmart e-commerce logged its best quarter of sales growth this year with an increase of 41 percent. Comparable transactions rose 1.3 percent and ticket, up 1.9 percent. McMillon said there was strength across most key categories and channels. Grocery logged mid-single-digit comp sales growth, fueled by the retailer’s suite of delivery options. Same-day grocery pickup will soon be offered at more than 3,100
Walmart’s net income in the third quarter ended Oct. 31, soared 93.3 percent to $3.28 billion, from $1.7 billion in the year-ago third quarter. Total revenue grew 2.5 percent to $127.9 billion from $124.89 billion in the prior year third quarter, but this was below analysts’ estimates of $128.6 billion. Comp-store sales rose 3.2 percent and Walmart Inc.’s third-quarter earnings per share increased 7.4 percent to $1.16, beating Wall Street analysts’ estimates of $1.09 a share.
Walmart e-commerce logged its best quarter of sales growth this year with an increase of 41 percent. Comparable transactions rose 1.3 percent and ticket, up 1.9 percent. McMillon said there was strength across most key categories and channels. Grocery logged mid-single-digit comp sales growth, fueled by the retailer’s suite of delivery options. Same-day grocery pickup will soon be offered at more than 3,100