Walmart raises full-year earnings forecast as grocery, online growth fuel higher sales
Publishing timestamp: 2023-08-17 16:03:37
Summary
Walmart raised its full-year forecast after beating sales and earnings expectations. E-commerce sales for Walmart U.S. increased by 24% year over year. The company expects consolidated net sales to increase by about 4% to 4.5% for the full fiscal year. Walmart's net income for the second quarter jumped by 53% compared to the previous year. The company saw growth in same-store sales and online sales, driven by its low-price reputation and convenience. Walmart has also gained momentum with new revenue streams, such as advertising and its membership program, Walmart+. The company remains cautious due to potential pressures on consumers, such as the resumption of student loan payments.
Sentiment: NEUTRAL
Keywords: retail industry, business, target corp, business news, breaking news: earnings, walmart inc, breaking news: business, macy's inc, earnings,
Source: https://www.cnbc.com/2023/08/17/walmart-wmt-earnings-q2-2024.html