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Related: About this forumWalmart earnings smash expectations after weaker quarter from Target
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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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Walmart earnings smash expectations after weaker quarter from Target (Original Post)
mahatmakanejeeves
Aug 2023
OP
bucolic_frolic
(48,230 posts)1. Walmart's been relentless with the price hikes
I've abandoned it as a food source. There is no value. ALDI is cheaper, and even major European-owned conglomerate store has cheaper bargains.
mahatmakanejeeves
(62,400 posts)2. It's not as if prices aren't going up at Aldi too. I shop at both.
And good morning.
bucolic_frolic
(48,230 posts)3. In my locale, the differential is usually 1 or 2 cents
except on an item here or there. Last week Walmart raised sugar to $3.15, I think from $2.78? ALDI was still at $2.75. I'd bet next trip ALDI will be around $3.12.
doc03
(37,258 posts)4. I rarely go to Walmart but I have always heard people talking about their great prices.
Sometimes I go there when I can't find something elsewhere. I have noticed their prices on beef in particular are
much higher per pound than Kroger. A rib eye steak for $18.99 a pound! I bought excellent rib eyes at a mom and
pop for $9.99 a couple weeks ago. Frozen dinners are all higher than Kroger.