THE WHAT? Walmart announced its results for the third quarter of the current fiscal year. The US retail giant reported revenue growth of 8.7% with strength in its various segments, Walmart US, Sam’s Club, Flipkart and Walmex. Total revenue was US$152.8 billion.
THE DETAILS Same-store sales for Walmart in the US grew 8.2%, and e-commerce 16%. The company continued to gain market share in groceries. However, consolidated gross profit decreased by 89 basis points, due to markdowns and sales mix in the United States.
THE WHY ? Doug McMillion, President and CEO, said, “We had a good quarter with strong revenue growth globally, less by Walmart and Sam’s Club US, as well as Flipkart and Walmex. Walmart US continued to gain market share in groceries, helped by unit growth in our food business. We significantly improved our inventory position in the third quarter and will continue to improve as the year ends. From The Big Billion Days in India, to our Deals for Days events in the United States, and a Thanksgiving meal that will cost the same as last year, we’re here to help make this time affordable and special for families all over the world. We have an incredible group of associates who make it all possible, and I want to thank you.