Walmart Inc. (WMT) is the world’s biggest retail company, with trailing-12-month revenue of more than $600 billion. It engages in both the retail and wholesale business, marketing and selling an assortment of merchandise and services at stores and online at low prices worldwide.
For the third quarter of fiscal 2023, the company’s revenue grew 8.7% year-over-year globally, with strength in Walmart U.S., Sam’s Club U.S., Flipkart, and Walmex. An increase of 8.2% in Walmart comp sales (excluding fuel) and a 10% surge in its Sam’s Club comp sales helped to drive the growth.
Moreover, the discount chain’s e-commerce sales rose 16% year-over-year. Also, its nascent digital advertising is expanding rapidly, with global advertising business up over 30%, led by 40% at Walmart Connect in the U.S., and strength in Flipkart Ads. The company continued to gain market share in grocery, aided by unit growth in its food business.
WMT is increasingly attracting new business from higher-income customers looking for bargains amid a challenging macro environment. During a conference call with analysts, Walmart CFO John Rainey said…
Continue reading at STOCKNEWS.com