Walmart surpassed expectations for quarterly earnings and revenue, showcasing significant growth in e-commerce, profitability from newer ventures like advertising, and an increase in affluent customers.
The retail giant now anticipates meeting or surpassing its previous full-year guidance, with projected net sales growth of 3% to 4% and adjusted earnings per share between $2.23 and $2.37.
In a CNBC interview, Chief Financial Officer John David Rainey attributed Walmart’s success in the grocery sector to the growing price disparity between cooking at home and dining out, as well as the convenience Walmart provides, particularly appealing to higher-income shoppers. Rainey noted that delivery services have now exceeded store pickups in volume for the first time.
“We are seeing both increased frequency from existing customers and a growing customer base,” Rainey stated.
2024-05-16 06:37:39
Link from www.cnbc.com