Walmart, the world’s largest retailer, posts better-than-expected earnings, comparable sales and e-commerce growth in its largest market during the third quarter via ReutersBiz
Trump used Walmart’s performance to say U.S. tariffs, imposed by his administration on imports from China, have had little impact on consumers.Consumer spending going in to the crucial holiday season remains healthy, Chief Financial Officer Brett Biggs told Reuters in an interview on Thursday. Retailers earn a sizeable chunk of their annual revenue during November and December.
The retailer gets 56% of its revenue from food and grocery sales, which allows it to manage the pressure from tariffs better than many rivals, analysts said. In October, Walmart said its chief executive for U.S. operations, Greg Foran, who was credited for turning around the business, will leave the company and be replaced by the head of its Sam’s Club warehouse chain unit, John Furner.
Online sales rose 41%, higher than the previous quarter’s increase of 37 pct and greater than the company’s expectation of 35%. Operating income fell 5.4 percent to $4.7 billion as a result of ongoing investments in e-commerce including faster delivery.
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