Consumers continue to flock to Walmart during inflationary times.
Even so, consolidated net income for the quarter was still $5.1 billion, up from $4.3 billion a year ago. “Walmart delivers value across categories [and] progresses as an ecosystem,” Oliver Chen, managing director and senior equity analyst at the investment firm, wrote in a note. “More middle- and higher-income consumers are trading to Walmart and private brand penetration has inflected higher.
For the full fiscal 2023 year, Walmart anticipates consolidated net sales will rise about 4.5 percent for the year, with a $2.1 billion headwind in the back half, thanks to currency exchange rates. The company also continues to expect Walmart U.S. comp sales, excluding fuel, will rise about 3 percent in the back half of the year, or 4 percent for the full year. AdjustedToo much inventory in categories such as apparel, home and electronics meant more markdowns during the most recent quarter.
Still, McMillon said rising prices and market uncertainty might actually provide a bit of a tailwind for the discount retailer. “We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future,” Jimmy Carter, a Walmart spokesperson, told WWD. “At the same time, we’re further investing in key areas like, technology, health and wellness, supply chain and advertising sales and creating new roles to support our growing number of services for our customers, suppliers and the business community.
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