Walmart logged another quarter of rising U.S. sales even as its online growth slowed, at a time when retailers are navigating rising costs, supply chain snarls and an uptick in Covid-19 cases
in its latest quarter, which ended in June. Amazon’s online store sales, which had been growing at a high double-digit rate, eased to 16% year-over-year growth for the June quarter. The decline came even as Amazon moved up the date of its annual Prime Day shopping event, which is usually held in the third quarter.David Swanson/Bloomberg News
Overall, Walmart reported fiscal second-quarter revenue rose 2.4% to $141 billion, as divestitures of stores in some international markets depressed total revenue. The company had net income of $4.28 billion, down 34% from a year ago when it booked a gain on investment. Excluding such items, Walmart said it had an adjusted profit of $1.78 a share, beating analysts expectations of $1.57 a share, according to FactSet.
Executives said the company’s U.S. profits got a lift from administering Covid-19 vaccines and lower Covid-related spending, though those gains were muted by higher supply chain costs and wage increases. Walmart, the country’s largest private employer with around 1.6 million U.S. workers, is navigating a tight labor market, along with a wide variety of businesses from restaurants to factories. In recent monthsWrite to
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