Walmart working to shore up the top line
Bentonville, Ark. - The home department at Walmart U.S. focused on getting basic goods right during the third quarter and generated a same-store sales gain in the low single-digits.
"We continue to refine our assortment in bath and bedding and saw comp sales improve throughout the quarter. We also had a mid single-digit positive comp in cooking and dining," said Bill Simon, president and ceo of Walmart U.S. in today's recorded comments on the quarter.
At Sam's Club, home and apparel combined produced a mid single-digit comp sales increase.
"Back to school, back to college and fall merchandise enabled us to have a fast start to the quarter," said Rosalind Brewer, president and ceo of Sam's Club.
Mike Duke, president and ceo of Wal-Mart Stores Inc., said the company's priority is growing top-line sales and comps.
"The retail environment, both in stores and online, remains competitive," he added. "At the same time, some customers feel uncertainty about the economy, government, jobs stability and their need to take care of their families through the holidays."
Overall comp for Walmart U.S. fell during the quarter, but the company beat its earnings estimate by a penny a share.
Net income attributable to Wal-Mart Stores rose 1.6% to $3.885 billion, or $1.14 per share, during the quarter ended Oct. 31. Total sales, excluding membership fees and other income, rose 1.6% to $114.9 billion. Sales at Walmart U.S. were up 2.4% to $67.7 billion, while sales at Sam's Club increased 1.1% to $14.1 billion.
Same-store sales, excluding the impact of fuel, fell 0.1% for total U.S. operations and fell 0.3% for U.S. Walmart stores. Sam's Club reported a 1.1% comp increase.
Source From: Home Textiles Today