Walmart posts gains in second quarter earnings

Walmart on Thursday reported second-quarter earnings that topped expectations and raised its outlook for the full year, building on the momentum in its core U.S. business, online operations and investments in grocery, reports CNBC.

It marked the 20th consecutive quarter of sales gains in the U.S. for Walmart and its 19th quarter of traffic growth on its home turf.

Walmart shares jumped more than six per cent in premarket trading on the news. (https://www.cnbc.com/2019/08/15/walmart-reports-q2-fiscal-2020-earnings.html)

“Customers are responding to the improvements we’re making, the productivity loop is working, and

we’re gaining market share,” CEO Doug McMillon said in a statement.

Walmart’s investments — in its supply chain, grocery business and website — appear to be paying off, as sales continue to climb. The retail giant continues to grab market share from its struggling competitors. (https://www.wsj.com/articles/walmart-continues-run-of-sales-growth-raises-forecasts-11565869809?mod=hp_lead_pos7)

The company said its online business has seen a boost thanks to its gradual rollout of next-day delivery across the country, which now reaches about 75 per cent of the U.S. population. It said more than 2,700 stores now offer pickup for online grocery orders. And more than 1,100 locations offer same-day delivery for groceries.

Yvonne Zacharias