Walmart Beats Street
Walmart says its first quarter sales rose 8.6% to $112.3 billion, from $103.4 billion in the same period last year. And U.S. sales rose 5.9%, or 2.6% on a same-store basis. Consolidated operating income was $6.4 billion, up 8.3% from last year. The company chalked the stronger-than-forecast performance up to its commitment to price leadership. “In a highly competitive retail environment, Walmart U.S. is increasing price separation across categories and driving increased traffic to both the grocery and general merchandise areas of our stores,” says Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer, in the company’s release. “Customers count on us for one-stop shopping and our merchandising priorities are aligned with that in mind.” Sales at its Sam’s Club division increased by 7.9%, or 5.3% on a same-store basis.