Walmart Extends Quarterly Sales Growth Streak
November 14 2019 - 7:58AM
Dow Jones News
By Sarah Nassauer
Walmart Inc. said sales rose in the most recent quarter, a sign
that the retail behemoth continues to take market share from
competitors and benefit from strong consumer spending ahead of the
busy holiday shopping season.
U.S. comparable sales, those from stores and websites operating
for at least 12 months, rose 3.2%, extending a four-year streak of
quarterly sales gains. E-commerce sales rose 41% in the U.S.
bolstered by online grocery orders.
But profits continued to come under pressure as Walmart spends
heavily to lower product prices and grow online around the world.
Operating income fell 5.4% from a year ago.
The comparable-sales growth and adjusted earnings were ahead of
most Wall Street analysts' forecasts. Walmart shares gained 1.5% in
premarket trading.
Walmart raised its guidance for the full year, as it often does
during its third quarter earnings announcement. It said earnings
per share will rise slightly for the full fiscal year. Previously
Walmart said earnings per share would be flat.
Net income was $3.29 billion in the quarter ended Oct. 31,
compared with $1.71 billion in the year ago period when Walmart
booked a large loss on its investment in Chinese e-commerce site
JD.com.
Write to Sarah Nassauer at sarah.nassauer@wsj.com
(END) Dow Jones Newswires
November 14, 2019 07:43 ET (12:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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