Walmart boosts outlook for the 2024 with bargains proving a powerful lure for the inflation weary
Aug 15, 2024, 4:06 AM
FILE - Customers use self check out at a Walmart Superstore in Secaucus, New Jersey, July 11, 2024. (AP Photo/Eduardo Munoz Alvarez, File)
Credit: ASSOCIATED PRESS
(AP Photo/Eduardo Munoz Alvarez, File)
NEW YORK (AP) — Walmart had another quarter of strong sales that topped almost all expectations with its comparatively low prices proving a powerful draw for millions who have struggled with rising costs for housing, groceries and almost everything else.
The nation’s largest retailer also raised its full-year outlook.
Walmart Inc. reported earnings of $4.5 billion, or 56 cents per share, in the three months ended July 31. That compares with $7.9 billion, or 97 cents per share, in the same period last year. Adjusted per share earnings were 67 cents, or 2 cents better than Wall Street had expected, according to FactSet.
Sales rose nearly 4.8% to reach $169.33 billion, also beating expectations.
Comparable store sales — which include online and stores open for the past 12 months — rose 4.2% in the U.S. That compares with 3.8% in the first quarter, and 4%, in the fourth quarter
Global e-commerce sales rose 21%, matching the first quarter’s pace.
