Walmart yesterday said that its US third quarter e-commerce sales were up 79 percent and that same-store sales were up 6.4 percent. Bloomberg reports that while "transactions fell 14% during the quarter ended Oct. 31 at Walmart’s U.S. division, the average purchase surged 24% - meaning customers are consistently buying more every time they place an order."
Bloomberg also notes that "it’s what executives didn’t say that left Wall Street uneasy. The world’s largest retailer wouldn’t provide a full-year forecast and executives offered only generalities on its much-touted subscription service, Walmart+, despite repeated attempts from analysts on a conference call to get more."
“We’re excited about the results, but it’s really early on,” said John Furner, head of Walmart U.S. “We’re still learning.”
Q3 total net income rose to $5.14 billion from $3.29 billion a year earlier. Total revenue grew by 5.2% to $134.7 billion from $128.0 billion a year earlier.
- KC's View:
Walmart doesn't need me to say this, but I think it'll be just fine when it comes to both store and e-commerce sales … it has made enormous strides in the past few months.
I remain, however, a little skeptical about Walmart+ … it seems to have taken a long time to get it rolling, and even now there seems to be less there than meets the eye. It almost feels like Walmart feels it needs to have such an program, but doesn't have a rationale beyond that.