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Walmart earnings smash expectations after weaker quarter from Target
Yahoo Finance
Walmart earnings smash expectations after weaker quarter from Target
Americans turned to the retail giant for groceries and to shop online.
Brooke DiPalma · Reporter
Thu, August 17, 2023 at 7:30 AM EDT
Walmart (WMT) is winning over US shoppers as inflation continues to take a toll.
In the retail giant's second quarter earnings release, out before the market open on Thursday, Walmart posted same-store sales that rose 6.30%, more than the 4.04% expected, according to data from Bloomberg.
Foot traffic increased for Walmart, up 2.8%, along with a higher ticket, up 3.4%. Online sales rose 2.3% in the quarter.
Meanwhile, its competitor Target (TGT), which reported Q2 results Wednesday, saw a 5.4% drop in sales and shared a dreary outlook for the rest of the year. This comes as consumers' wallets remain pinched from ongoing headwinds like higher gas prices, a slowdown in the US job market, the looming return of student loan payments this fall, higher mortgage rates, higher interest rates, and higher costs for groceries.
{snip}
Walmart earnings smash expectations after weaker quarter from Target
Americans turned to the retail giant for groceries and to shop online.
Brooke DiPalma · Reporter
Thu, August 17, 2023 at 7:30 AM EDT
Walmart (WMT) is winning over US shoppers as inflation continues to take a toll.
In the retail giant's second quarter earnings release, out before the market open on Thursday, Walmart posted same-store sales that rose 6.30%, more than the 4.04% expected, according to data from Bloomberg.
Foot traffic increased for Walmart, up 2.8%, along with a higher ticket, up 3.4%. Online sales rose 2.3% in the quarter.
Meanwhile, its competitor Target (TGT), which reported Q2 results Wednesday, saw a 5.4% drop in sales and shared a dreary outlook for the rest of the year. This comes as consumers' wallets remain pinched from ongoing headwinds like higher gas prices, a slowdown in the US job market, the looming return of student loan payments this fall, higher mortgage rates, higher interest rates, and higher costs for groceries.
{snip}
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