Walmart continues to make gains in a turbulent retail environment thanks to its growing e-commerce, grocery and domestic businesses.
“We had another strong quarter in every part of our business,” Doug McMillon, president and chief executive officer of Walmart, said in a statement. “Our global e-commerce sales are on track to reach $75 billion by the end of the year, further strengthening our position as a leader in omnichannel. We grew market share in U.S.
“We’re focused on, how do we do a better job with all the inputs related to omni?” the CEO continued. “And that’s hard work. And building digital products that marry e-commerce with stores takes more work than just building an e-commerce solution; [it] takes more time, takes more complexity, but that’s where the secret sauce is.
To help the business grow even further, Walmart will continue to make investments “all the time,” said McMillon. Company headwinds included cost pressures in the supply chain, inflation and Walmart International, where revenues fell more than 15 percent to $23 billion, compared with $27.2 billion the same time last year.
The company logged $4.2 billion in consolidated net income as a result, down from nearly $6.5 billion a year earlier. Shares of Walmart were up just 0.40 percent at the start of Tuesday’s session as a result. “Stores continued to validate Walmart’s ongoing investments as they were the key driver of the $1 billion increase in U.S. operating income on $5 billion in increased revenue, which is particularly impressive given the strength in its lower margin grocery-equivalent business that continues to grow share despite its massive scale,” said Charlie O’Shea, Moody’s vice president.
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