Press "Enter" to skip to content

Walmart says holiday sales were slower than expected


As it continues to keep an eye on potential impact of the coronavirus, Walmart reported Tuesday that sales took a hit from other international challenges such as unrest in Chile, as well as a shortened holiday season.

The nation’s biggest retailer said sales at stores open a year rose 1.9% in the quarter that ended Jan. 31, buoyed by strong growth in Walmart’s grocery services, and net sales internationally increased 2.3%.

But sales in the U.S. were weaker than expected. And events overseas, including uncertainty about the United Kingdom’s exit from the European Union, also took a toll. Unrest in Chile affected the retailer’s international business, impacting operating income by roughly $110 million.   

“The holiday season delivered positive transaction growth,” Brett Biggs, Walmart’s Chief Financial Officer said in a statement. “However, it wasn’t as good as expected due to lower sales volumes and some pressure related to associate scheduling. We understand the factors that affected our results and are developing plans to address them.”



Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *