Walmart performs ‘more than expected' in second quarter
America’s biggest retailer, Walmart Stores Inc., has unveiled financial results for second quarter of this fiscal. During the quarter under review, it reported 40 per cent increase in e-commerce sales in the US as compared to 33 per cent in the previous quarter. The retailer noted 3.8 per cent increase in total revenue to US $ 128 billion beating Wall Street’s expectation. Comparable sales for Walmart in the US increased 4.5 per cent, the strongest in more than 10 years. Grocery and apparel helped Walmart to report incredible results. Net sales from international operations reported a 4 per cent increase to US $ 29.5 billion in the quarter under review. Comparable sales in 8 of its 11 markets have seen remarkable developments.
The retail brand has raised its financial outlook for the year after witnessing unexpected results in the quarter under review. It was the strongest growth in more than a decade in sales at established stores. Investment in Indian e-commerce retailer Flipkart is also a major development for the retailer during the reporting quarter. It received an unconditional approval for its investment in Flipkart on August 8, 2018. The transaction is expected to close as soon as reasonably practicable after it receives satisfaction or waiver on the remaining closing conditions. The retailer hosts around 265 million customers and members at its more than 11,200 stores under 55 banners in 27 countries and e-commerce websites.