Wal-Mart earnings dip but sales rise at its US stores
bdlive.co.za - May 19th 2017, 15:42
New York — Wal-Mart Stores scored another increase in sales at its US Walmart stores according to first-quarter results released on Thursday, but earnings dipped on higher expenses.
The world’s biggest retailer reported earnings of $3bn in the first quarter of fiscal 2018, down 1.3% from the period a year ago. Revenues were up 1.4% at $117.5bn.
The results reflected Wal-Mart’s efforts to lure customers to US stores through upgrades to infrastructure, better customer service after boosting worker pay, and enhanced e-commerce offerings. These efforts have pressured earnings in recent quarters due to higher expenses while producing gains in Wal-Mart’s comparable store sales in the US, a closely-watched benchmark that rose 1.4% in the first quarter.
"We delivered a solid first quarter and we’re encouraged by the start of the year," said CEO Doug McMillon. "We’re moving faster to combine our digital and physical assets to make our shipping simple and easy for customers." Shares of Wal-Mart rose 0.8% in pre-market trading to $75.70.© BusinessLIVE MMXVII
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