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Walmart reports Q2 loss, but higher sales; shares rise
NEW YORK, Aug 16, 2018 (BSS/AFP) – Walmart reported much higher second-
quarter sales and robust growth in its e-commerce businesses Thursday, even
as it reported a loss on one-time costs associated with selling a Walmart
Brazil stake.
The world’s biggest retailer scored its most robust jump in more than 10
years in US comparable store sales, sending shares sharply higher. But it
reported an $861 million loss following pre-tax costs of $4.8 billion on the
Brazil sales.
Revenues rose 3.8 percent to $128.0 billion, compared with the year-ago
period.
Comparable sales in Walmart’s US stores — the linchpin of company revenues
and a benchmark closely monitored by Wall Street — rose 4.5 percent.
The company has been adding grocery pickup at US stores and now offers the
program in more than 1,800 locations, or nearly 40 percent of the overall US
network.
Sales also rose in the company’s international business and in its Sam’s
Club wholesale business.
“We’re continuing to aggressively roll out grocery pickup and delivery in
the US and we recently announced expanded omnichannel initiatives in China
and Mexico,” said Chief Executive Doug McMillon.
“Customers have choices and we’re making it easier to choose Walmart.”
Shares jumped 11.0 percent to $100.12 in pre-market trading.
BSS/AFP/SR/1800 HRS