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USA: Walmart beats on earnings, thanks to the internet

USA: Walmart beats on earnings, thanks to the internet

Noviembre 17, 2016

👤Periodista: María Alejandra Lopez 🕔17.Nov 2016

 

Walmart’s third-quarter earnings topped analysts’ expectations, as traffic to the world’s largest retailer increased and online shopping grew.

The company on Thursday announced earnings per share of $0.98, two cents more than the Wall Street consensus according to Bloomberg.

Comparable-store sales, or sales at locations open at least one year, rose by 1.2%, just shy of the forecast for 1.3%.

“Our e-commerce growth accelerated, operations in the US continued to strengthen, and international delivered
another solid performance,” CEO Doug McMillon said in the earnings statement.

Read AlsoCoke has launched a ‘selfie bottlethat takes a snap while you sip

Walmart in August agreed to buy Jet.com for $3 billion, the largest e-commerce deal in history, to boost its online shopping experience. If the deal is completed, it could give Walmart the e-commerce muscle it needs to overtake Amazon.

Walmart raised the lower end of its forecast for the year, now anticipating earnings of $4.20 to $4.35 a share. It earlier set the lower end at $4.15.

Grocery costs have been falling since the end of 2015, according to Labor Department inflation data. And last quarter, cheaper groceries took out 0.15% from Walmart’s food sales.

Expenses rose 9% as the company spent on the Jet.com acquisition and increased its associates’ wages.

Source: Business Insider

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