Walmart reports strong second-quarter sales, beats expectations – Xinhua

In the second quarter ended July 31, Walmart’s sales rose to $169.3 billion, up 4.8 percent from the same period last year.

NEW YORK, Aug. 15 (Xinhua) — U.S. retail giant Walmart on Thursday reported stronger-than-expected second-quarter sales and profit figures and raised its full-year forecast.

In the second quarter ended July 31, Walmart’s sales rose to $169.3 billion, up 4.8 percent from the same period last year.

The Arkansas-based chain reported profit of $4.5 billion, or 67 cents a share, down from a year earlier but better than Wall Street expectations.

Online sales rose 22 percent in the second quarter compared to the same period last year, mainly thanks to deliveries and pickup, the company said.

Walmart’s performance beat analysts’ estimates and shares rose over 6 percent in early trading.

The retail giant said it had seen stable consumer sentiment due to positive quarterly results and raised its full-year forecast.

Walmart forecasts full-year net sales growth in the range of 3.75 to 4.75 percent, compared to a previous range of 3 to 4 percent.

Walmart Chief Financial Officer John David Rainey said the company’s more positive outlook reflects strength in the first half of the year, but he is cautious about the second half as the 2024 U.S. election, unrest in the Middle East and other dynamics could impact consumer sentiment. ■