Sales in the most recent quarter rose 2.2% to
$139.87 billion, also better than the $137. billion
industry analysts expected.
Comparable sales at U.S. stores rose 5.2%, a bit
of a slowdown from the 6% increase in the first
quarter. Online sales growth dramatically slowed
to 6%, but that’s compared with last year when
the pandemic shocked the U.S., and Walmart’s
online orders surged 97%. There was a 37%
increase in the first quarter and 69% increase in
the fourth quarter.
Company executives told analysts this week
that shoppers went to stores for items like party
supplies, luggage and clothing. For back-to-
school, customers bought backpacks and paper
supplies in addition to fashion.
Walmart is facing rising costs for everything from
labor to shipping as supply chain back-ups hit
companies worldwide. Brett Biggs, Walmart’s
chief financial officer, said that the company is
monitoring transit and port delays. The company
is also chartering vessels for Walmart goods as it
heads into the fall and holiday shipping crunch,
Biggs said.
Home Depot also has secured its own
transportation and Amazon.com has long pushed
for autonomy in shipping.
Walmart now says that it expects sales at stores
opened at least a year to be up 5% to 6% for the
year; it had previously said the metric would be up
in the low single digits.
Shares of Home Depot fell more than 4%, or
$14.30 to $320.74, while Walmart’s stock rose 26
cents to $150.99.