17 Aug Walmart Q2 Sales Beat Estimates As Online Business Jumps 67 Percent
Walmart, Inc. net sales rose 2.1 percent to $123.36 billion in the fiscal second quarter ended July 29. Currency-neutral sales grew 2.9 percent. Wall Street analysts were expecting $123.15 billion in sales. U.S. comparable store sales climbed 1.8 percent, exceeding the 1.7 percent growth expected by the street. Traffic grew 1.3 percent in the 13-week period
WMT posted earnings per share of $1.08 per share, exceeding the $1.07 expected by analysts.
Online gross merchandise volume, or GMV, in the U.S. online increased by 67 percent, a number that includes revenues from recent acquisitions like Moosejaw, Shoebuy, and Bonobos as well asmarketplace sales. The biggest lift came from organic growth at Walmart.com, which posted 60 percent sales growth in the quarter.
“The majority of this [online] growth was organic through Walmart.com as customers are finding a broader assortment and more options to receive what they want at their convenience,” CEO Doug McMillion said. “They love not having to pay a membership fee to get Walmart’s free two-day shipping on millions of items.”
McMillion said that the company surpassed 67 million SKUs on Walmart.com. This number is 30 percent higher than what it was in the first quarter.