Las Vegas Review-Journal

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.

Newspapers in English

Newspapers from United States