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Walmart earnings smash expectations after weaker quarter from Target [View all]
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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