Walmart came out with its second quarter results yesterday, saying that US same store sales were up 1.6 percent, about 50 percent higher than expected, its eighth straight quarter of same-store sales increases.
In addition, same-stores sales at Neighborhood Markets was up 6.5 percent, while at the Sam's Club division they were up 0.6 percent, and outside the US same-store sales were up 2.2 percent.
And, there was more good news for Walmart - online sales were up 11.8 percent, which ended nine straight quarters of slowing growth even before its $3.3 billion acquisition of e-commerce startup Jet was completed.
“We have a plan, and we are executing against it, and customers are responding favorably,” CEO Doug McMillon said in a prepared statement. And Greg Foran, CEO of Walmart's US business, added, "We've got existing customers who are visiting stores more often and putting an extra item in their basket."
In addition, same-stores sales at Neighborhood Markets was up 6.5 percent, while at the Sam's Club division they were up 0.6 percent, and outside the US same-store sales were up 2.2 percent.
And, there was more good news for Walmart - online sales were up 11.8 percent, which ended nine straight quarters of slowing growth even before its $3.3 billion acquisition of e-commerce startup Jet was completed.
“We have a plan, and we are executing against it, and customers are responding favorably,” CEO Doug McMillon said in a prepared statement. And Greg Foran, CEO of Walmart's US business, added, "We've got existing customers who are visiting stores more often and putting an extra item in their basket."
- KC's View:
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Even when things seemed to be going bad for Walmart, I've never quite believed that they were all that bad and certainly not irreparably so. It is interesting to see Walmart bucking what has seemed to be the retail stagnation trend, and it probably should worry Target a little bit that the same week that it announced disappointing sales, Walmart releases some pretty good numbers.
As for its online business ... I think that Walmart can only get better, which is going to make its battle with Amazon tougher on both sides, and better for consumers.
