Wal­mart per­forms ‘more than ex­pected' in sec­ond quar­ter

Apparel Online - - Retail Current -

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.

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