THE WHAT? Walmart has reported its results for the third quarter of the current financial year. The US retail behemoth delivered revenue growth of 8.7 percent with strength across its various segments, Walmart US, Sam’s Club, Flipkart and Walmex. Total revenue was US$152.8 billion.
THE DETAILS Walmart US comparable sales grew 8.2 percent, with e-commerce up 16 percent. The company continued to gain market share in grocery. However, the consolidated gross profit declined 89 basis points, due to markdowns and mix of sales in the US.
THE WHY? Doug McMillion, President and CEO, stated, “We had a good quarter with strong top-line growth globally, les by Walmart and Sam’s Club US, along with Flipkart and Walmex. Walmart US continued to gain market share in grocery, helped by unit growth in our food business. We significantly improved our inventory position in Q3 and we’ll continue to make progress as we end the year. From The Big Billion Days in India, through our Deals for Days events in the US and a Thanksgiving meal that will cost the same as last year, we’re here to help make this an affordable and special time for families around the world. We have an amazing group of associates that make all this happen, and I want to say thank you.”