Walmart Q1 boosted by online growth | Progresiv
Walmart has reported modest growth for its fiscal first quarter, helped by an improved performance in its online operations. 
For the quarter, net sales grew by 4.4% to 121.6 billion dollars, while membership fees grew by 4.3% to 1.06 billion dollars. However, operating profit was down 1.6% to 5.15 billion dollars, and net profit fell by 27.8% to 2.28 billion dollars.
The Walmart US division saw sales grow by 3.1% to 77.7 billion dollars, on like-for-like growth of 2.1% (excl. fuel). The results were helped by a 0.8% rise in shopper traffic, and a 1.3% increase in the average ticket spend.
International sales jumped up 11.7% to 30.3 billion dollars (+4.5% constant-currency basis), with eight of its 11 markets reporting a rise in LFL sales. However, the Sam’s Club chain saw its sales decline by 2.7% to 13.6 billion dollars, although LFL sales grew by 3.8% (excl. fuel).
Crucially, online sales in the US rose by 33% in the quarter, an improvement on the 23% rise reported in the previous quarter. That result offered some reassurance to investors, given Walmart’s aggressive push into online as it takes on the likes of Amazon. CEO Doug McMillon said the group was “encouraged by the continued momentum across the business”. (www.kamcity.com)
