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Friday, August 21, 2020

Wal-Mart is Growing

Though I rarely use them online, their stores are more impressive these days.  Apparently adjusted well to Covid.

Walmart keeps growing and growing and …  in Retailwire
by George Anderson in Retailwire, with expert discussion.

Walmart came out with its second-quarter numbers and the retailer did not disappoint investors. The chain reported that same-store sales, excluding fuel, were up 9.3 percent during the quarter and online sales jumped 97 percent.

Walmart’s strong performance followed a first-quarter for which it reported a 10 percent gain in same-store sales and e-commerce growth of 74 percent.

Speaking on Walmart’s earnings call with analysts yesterday, CEO Doug McMillon said the retailer benefited from tailwinds, including the federal government’s stimulus payments and more people eating at home. The chain also saw sales increase as customers spent money on products to entertain themselves in their homes and also to fix them up.

He also noted that reduced store hours and out-of-stocks in some categories had a dampening effect on sales. Walmart recently announced that it is moving its closing time from 8:30 p.m. to 10:00 in 4,000 of its 4,700 stores. He also said that the chain experienced out-of-stocks in some states where COVID-19 cases were on the rise.

Mr. McMillon said that the retailer has completed the integration of its store and online merchant teams as it continues on its “path to transform into an omnichannel organization.” The company pointed to improvements in online margins as an indication of a more balanced product mix and operational efficiencies it has achieved. ... " 

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