Walmart Reports Sales Growth For Fifth Consecutive Year
Walmart’s quarter 3 earnings report shows no signs of slowing down amid trade war tensions as sales grew for the fifth consecutive year, according to The Wall Street Journal.
With holiday season just around the corner, retailers were worried about effects from the effect of the U.S.-China trade war and how it would affect sales. Walmart eased these worries with its strong earnings report that showed growth in sales.
Walmart reported that its U.S. comparable sales rose 3.2 percent in the quarter. The growth in sales is the fifth consecutive year that Walmart has reported. Furthermore, its e-commerce sales rose by 41 percent from a year prior.
56 percent of Walmart’s revenue is driven by its grocery sales and it holds the title of the biggest grocer in the United States. “Our strength is being driven by food, which is good, but we need even more progress on Walmart.com with general merchandise,” Chief Executive Doug McMillon said. “We’re mixing the business out better to achieve better margin rates, but there is more work to do.”
Walmart’s quarter 3 earnings report showed a growth in sales for the fifth consecutive year, easing tensions regarding effects from the U.S.-China trade war on retailers.