Strong Sales And Profit Growth Reported

Walmart Says Consumers Are Still Spending

Strong Sales and Profit Growth Reported

Key Points

• Walmart reported a 4% increase in sales at US stores to $115.3 billion, beating analysts' estimates.
• Quarterly revenue reached $169.3 billion, exceeding expectations of $168.47 billion.
• The company's earnings per share were $1.77, significantly higher than the $1.62 consensus estimate.
• Walmart attributed the growth to its focus on everyday low prices and its grocery pickup and delivery services.
• The report suggests that consumer spending remains strong despite inflationary pressures and concerns about the economy.

Walmart, the largest retailer in the United States, reported stronger-than-expected growth in sales and profit on Thursday, indicating that consumers are still spending.

The company's sales at US stores rose just over 4% to $115.3 billion, beating analysts' estimates. This growth was driven by strong sales of food, consumables, and general merchandise.

Walmart's quarterly revenue reached $169.3 billion, topping estimates of $168.47 billion. This represented a 4.8% increase year-over-year and was faster than Walmart's previous growth rate.

The company's earnings per share were $1.77, significantly higher than the $1.62 consensus estimate. This growth was driven by higher sales and improved cost management.

Walmart attributed the growth to its focus on everyday low prices and its grocery pickup and delivery services. The company has invested heavily in these areas in recent years, and it is paying off as consumers look for ways to save money and convenience.

The report suggests that consumer spending remains strong despite inflationary pressures and concerns about the economy. This is good news for Walmart and other retailers, as it indicates that consumers are still willing to spend money.

However, it is important to note that the report only covers the first quarter of Walmart's fiscal year. It is possible that consumer spending could slow down in the coming months if the economy worsens.

Overall, Walmart's report is a positive sign for the retail industry. It suggests that consumers are still spending, and that Walmart is well-positioned to benefit from this trend.