THE WHAT? Walmart has raised its annual profit forecast after reporting a healthy set of quarterly results, according to a report published by the Financial Times.
THE DETAILS The world’s largest retailer saw like-for-like revenues rise 3.2 percent year-on-year in the US market thanks to a 41 percent increase in e-commerce sales.
However, overseas sales were less buoyant, with the UK-based Asda supermarket chain, in particular, affected by Brexit which, per Doug McMillon, CEO, ‘continue to negatively affect customer spending patterns’.
Walmart has predicted that annual earnings per share will inch up slightly this year, whereas it had previously expected a decline.
THE WHY? Walmart has been working hard to wrest business from the clutches of Amazon, launching same-day delivery and ‘buy online, collect in store’ services and it looks like its investment is beginning to pay off.
“We’re making progress on many fronts, but we need to do more and move faster,” McMillon told the Financial Times. “Our strength is being driven by food… but we need even more progress on Walmart.com with general merchandise.”