Advertise with fastmoving.co.za
 
 

Walmart Q2 revenue grows 1.8% year on year.
Walmart Q2 revenue grows 1.8% year on year.

Walmart Q2 revenue grows 1.8% year on year

INTERNATIONAL NEWS

By Liuliwei - Aug 20th, 14:13

Total revenue of Walmart for its second quarter (Q2) of Financial Year 2020 (FY20) ending July 31 hit $130.4 billion, up 1.8 percent year on year, while the net sales of Walmart International decreased 1.1 percent year on year to $29.1 billion, the company reported.
 

In its Q2 FY20, the latest quarterly report of fiscal year 2020, Walmart reported that excluding currency, its total revenue was 131.7 billion dollars, up 2.9 percent year on year, while the net sales of Walmart International jumped 3.3 percent to $30.4 billion year on year, thanks to the strength in Walmex and China.

However, the strength "was offset by softness in the U.K. and Canada," the company said. Walmex is the Mexican and Central American Walmart division, one of Walmart's largest divisions outside the United States. Walmart China began in 1996 with the opening of a supercenter and Sam's Club in Shenzhen.

In June 2016, Walmart and JD.com, one of China's largest e-commerce companies, announced a strategic alliance to serve consumers across China through a powerful combination of e-commerce and retail.

Walmart US eCommerce sales growth in Q2 increased by 37 percent year on year, following the strong growth at the same level of 37 percent year on year in Q1, thanks to strong growth in online grocery. Walmart US eCommerce continued to benefit from the expansion of grocery pickup and delivery and a broader assortment on Walmart.com.

Its eCommerce sales increased by 40 percent in the fiscal year 2019. President and CEO of Walmart Doug McMillon said, "We're on track to exceed our original earnings expectations for the year." In the meantime, he stressed the importance of safety.

"Our hearts continue to be with our associates in El Paso and Southaven, and we are focused on the safety of our associates and customers in all our stores and clubs." An attack in the border city of El Paso, Texas, happened on Aug. 3 at a Walmart mall.

A total of 22 people, including eight Mexican nationals, were killed in the shooting spree. The mass shooting is being investigated as a case of "domestic terrorism."

A 21-year-old white male has been arrested, who confessed to officers that he had been targeting Mexicans. During its fiscal year 2019, Walmart generated 514.4 billion dollars, an increase of 14.1 billion dollars, or 2.8 percent over its previous fiscal year.

While the net sales of Walmart International reached $120.8 billion, up 2.3 percent year on year. Headquartered in Bentonville, US state of Arkansas, the multinational retail corporation Walmart is the world's largest company by revenue as well as the largest private employer in the world with over 2 million employees.
IOL 

Read more about: walmart | revenue | retail | ecommerce | earnings

Related News

Brands leave R34 bn in lost sales on the e-commerce table - report
22/09/2019 - 13:19
By 2021, over 20-million South Africans will shop online.

Flipkart and Amazon pull listings for vaping products
22/09/2019 - 13:02
Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled to remove listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes.

Retail sales remain muted with consumers under pressure
20/09/2019 - 14:31
Retail sales for July marginally declined to 2 percent year on year as sales growth continued to reflect a muted demand in South Africa, with consumers’ discretionary income under strain.

Pick n Pay rolls out R4 lifetime reusable bag made from recycled plastic bottles
20/09/2019 - 14:14
Pick n Pay is rolling out its new budget green People n Planet reusable bag nationally after a successful trial with customers earlier this year. The bag is expected to be in all stores by mid-October.

Zara launches online store in South Africa
19/09/2019 - 11:58
Zara has launched its online sales in SA through its dedicated website zara.com/za. This marks an important milestone in the expansion of Zara’s integrated store and online platform into markets where it already has a store presence.