NEW YORK (AP) — Walmart reported strong second-quarter sales results as the retailer’s low-price model continues to attract budget conscious consumers in a…
— Walmart reported strong second-quarter sales results as the retailer’s low-price model continues to attract budget conscious consumers in a tough economic environment.
The nation’s largest retailer boosted its annual outlook again, sending shares up as much as 2% before the opening bell Thursday.
Walmart, based in Bentonville, Arkansas, earned $7.89 billion, or $2.92 per share, for the three-month period ended July 31. Adjusted results were $1.84 per share, or 13 cents better than Wall Street had expected, according to a survey of industry analysts by FactSet. It was also up from last year’s quarterly profit of $5.15 billion.
Sale rose nearly 6% to $161.63 billion, a shade better than expected.
Comparable store sales — those from established stores and online operating over the past 12 months — rose 6.4% at Walmart’s U.S. division. That compares with 7.4% in the quarter ended April and the 8.3% during the fourth quarter. Global online sales surged 24%, down 2% from the previous period.
Sales for a lot of retailers have begun to fade as Americans pull back on discretionary spending for things like appliances, clothing or electronics.
