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Walmart Posts Strong 2Q Results

Retailer’s revenues and earnings up; also raises outlook for rest of the year

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Photography: Courtesy of Walmart

Mega-retailer Walmart (Bentonville, Ark.) continues to post strong results in an uncertain economic environment. For its most recent quarter, ended July 28, the company reported revenue and operating income growth of 5.7 percent and 6.7 percent, respectively, and raised its performance guidance on several key metrics for the rest of the year.

“We had another strong quarter,” President and CEO Doug McMillon said in a news release. “Around the world, our customers and members are prioritizing value and convenience. They’re shopping with us across channels — in stores, Sam’s Clubs, and they’re driving eCommerce, which was up 24 percent globally.”

McMillion said the company’s food operations were strong, “but we’re also encouraged by our results in general merchandise versus our expectations when we started the quarter. Our associates helped deliver increases in transaction counts and units sold, and profit is growing faster than sales. We’re in good shape with inventory, and we like our position for the back half of the year.”

Forecasting stronger net sales and operating income for the rest of the year, Walmart left its capital expenditure plans unchanged (at flat or up slightly from a year ago).

The world’s largest retailer, Walmart operates more than 10,500 stores and websites in 19 countries. With fiscal year 2023 revenue of $611 billion, the retailer employs roughly 2.1 million associates worldwide.

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