THE WHAT? Walmart has raised its outlook for the second consecutive quarter after reporting a US net sales rise of 5.3 percent for the second quarter of the financial year and comp sales at 5.2 percent.
THE DETAILS The company is now expecting comp sales of 5 to 6 percent and global e-commerce sales of US$75 billion for FY2022.
Total revenue for the three months to June 30, 2021 reached US$141 billion, up 2.4 percent. Walmart US saw comparable transactions hit 6.1 percent, led by stores, and grew market share. Walmart International fared less well with net sales down 15.2 percent, and Sam’s Club put on a strong 13.9 percent.
THE WHY? Doug McMillion, Walmart President and CEO, commented, “We had another strong quarter in every part of our business. Our global e-commerce sales are on track to reach US$75 billion by the end of the year, further strengthening our position as a leader in omnichannel. We grew market share in US grocery, added thousands of new sellers to our marketplace, rapidly grew advertising businesses around the world, and we’re finding innovative ways to commercialize our data and build technology. We have a unique ecosystem of products and services designed to serve customers in broader, deeper ways, and we’re grateful to our associates for making it all happen.”