Walmart reported that strong U.S. sales were “driven by grocery and health and wellness,” but general merchandise sales declined slightly in the third quarter of 2024.
John David Rainey, Walmart’s executive vice president and chief financial officer, said the company’s results had “softened” in the second half of October 2023, and sales for the entire third quarter were “uneven.” .
“This gives us reason to be a little more cautious about consumers than we were 90 days ago,” he said when the results were shared on a conference call with investors.
Walmart slightly raised its full-year sales forecast for fiscal 2024 from 5% to 5.5%.
“We had strong revenue across our segments in the quarter and are excited to get an early start to the holiday season,” Doug McMillon, CEO and president of Walmart, said in a statement.
Rainey added, “We offer great value in fashion, electronics, seasonal décor and more.”
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by global data
This news comes from data analysis firm Global Data, which reported that the top 25 listed retailers, with a total market valuation of $3.77 trillion, will see a significant market value decline of approximately $80 billion in the third quarter of 2023 due to the effects of the macro economy. The announcement came shortly after he warned that he had experienced it. Economic pressure.
Walmart Q3 2024 Key Statistics
- Total revenue increased 5.2% to $160.8 billion
- Operating income increased 130.1% from $2.7 billion to $6.2 billion
- Pre-tax profit was $915 million
- Walmart’s e-commerce sales increased 24%
- FY24 net sales forecast raised to 5-5.5%
Walmart said the strong 24% growth in Walmart U.S. e-commerce sales was due to strong performance in its pickup and delivery service.
Walmart US President and CEO John Furner said on a conference call with investors that the company completed a number of store renovations in the third quarter. “These renovations improved clothing and improved housing.” […] We have also increased investment in our online collection and delivery business, which is a key driver of e-commerce growth. ”
Walmart US also attributed its 4.9% increase in comparable sales to its omnichannel model.
Across Walmart’s business, e-commerce sales fell 3%, which the group attributed to rescheduling of the Big Billion Day sale at its India-based Flipkart stores.
This event was previously included in Q3, but is now included in Q4 results.
Mr. McMillon continued, “Looking to the future, our inventory is in good shape, our team is focused, and our employees are ready to serve our customers and members the way they want them. We are ready to serve you,” he added.
Associated British Foods, the parent company of fellow value fashion retailer Primark, reported higher profits and sales in 2023 thanks to selective price increases amid rising inflation.