Walmart Inc. reported another quarter of higher sales as prices of some products rose and consumers bought early for the winter vacation.
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Comparable revenue from US stores and digital channels that have been in operation for at least 12 months increased 9.2% for the quarter ended October 29 compared to the same period last year. U.S. ecommerce sales rose 8% year over year as shoppers were flooded online due to the pandemic.
More shoppers visited stores than in the same period last year, with traffic increasing 5.7% and spending per trip increasing 3.3%.
WALMART EARNINGS, BIDEN’S CONTROVERSE TREASURY PICK ON THE HILL AND APARTMENT DATES TOP WEEK Ahead
Growth was up from the beginning of the year when Christmas shopping started in October and strong grocery sales helped the numbers rise after Walmart’s grocery sales lagged some of its competitors at the start of the pandemic. Walmart said more products flowed through its supply chain this quarter than in the same period last year when pandemic demand for some products weighed on supply. US inventory levels rose 11.5% for the quarter in “preparation for an expected strong holiday season,” the company said.
“We have gained market share in the US food market and more customers and members are returning to our stores and clubs around the world,” said Walmart CEO Doug McMillon in a press release on Tuesday. He said Walmart has enough products to serve customers during the holiday season, a time when supply chains are making some products hard to find on store shelves.
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According to FactSet, Walmart’s sales exceeded analyst expectations by around 6.7%.
Adjusted earnings per share for the quarter reached $ 1.45. Walmart raised its guidance for the year for earnings per share to around $ 6.40, compared to an earlier range of $ 6.20 to $ 6.35 set earlier this year.
Walmart shares rose roughly 2% in pre-market trading on Tuesday.