Walmart ups guidance as Q1 sales rise 38%
This comes as Walmart’s global ecommerce sales leapt 21%, which it attributed to store-fulfilled pick-up and delivery services and its marketplace
Walmart has upped its guidance for the year, as sales rose 38% during the 13 weeks to 26 April, partly due to the retailer gaining higher-income customers.
This comes as Walmart’s global ecommerce sales leapt 21%, which it attributed to store-fulfilled pick-up and delivery services and its marketplace.
Walmart also pointed to its “value proposition” resonating with higher-income consumers during the quarter.
The US-based retail group also revealed that consolidated revenues for the quarter rose by 6% to reach $161.5bn (£127.5bn), while operating income rose 9.6% and adjusted operating income increased by 13.7% as membership income grew.
As a result, Walmart expects to be at the high end or “slightly above” its previous guidance as it now estimates to grow between 3.5% and 4.5%, with operating incomes to grow between 3% and 4.5%.
Doug McMillon, president and CEO of Walmart, said: “Our team delivered a great quarter. Around the world our goal is simple – we’re focused on saving our customers both money and time.
“It’s inspiring to see how our associates are simultaneously executing the fundamentals and innovating to make shopping with us more enjoyable and convenient.”
He added: “We’re people-led and tech-powered, and that combination is propelling our business.”
