REVENUE INCREASED 3.8 PERCENT
spent more while there compared with the year-earlier period. Executives credited factors such as healthy consumer confidence and better weather.
Sales in stores open at least a year were up 4.5 percent nationwide, far exceeding analysts’ forecasts. The strong results led the company to raise its sales and profit expectations for the year.
“The business feels solid, the foundation feels good,” said Greg Foran, CEO of Walmart U.S., in a conference call with reporters.
Apparel sales were also robust, Walmart said. The company has partnered with or acquired more upscale names like Lord & Taylor and Bonobos to try to elevate its clothing offerings. On Wednesday, the chain said it would introduce a fashion line from talk show host Ellen Degeneres.
The mega-retailer said that revenue increased 3.8 percent from a year ago to $128 billion. It reported $1.29 in earnings per share excluding one-time items, such as a loss stemming from a sale of its majority stake in Walmart Brazil.
The company said it was still waiting for its risky acquisition of Flipkart, the Indian e-commerce service, to close. The $16 billion deal to buy 77 percent of the company, one of several recent purchases intended to remake Walmart as a more tech-savvy and high-end retailer, was announced in May.