In the first quarter, Walmart US comparative sales increased 3% and 9% over a two-year period. E-commerce growth was 1%, or 38% over two years. Consolidated operating income was $5.3 billion in the same quarter, down 23%, negatively impacted by $0.3 billion in divestments, the company said in a press release.
Walmart International’s first-quarter fiscal 2023 net sales were $23.8 billion, a decrease of $3.5 billion, or 13.0%, negatively impacted by $5.0 billion dollars due to divestments and $0.4 billion due to currency fluctuations. Total revenue was $141.6 billion in the first quarter, up 2.4% or 2.6% in constant currency.
“Across our businesses, we had a strong quarter. We thank our associates for their hard work and creativity. The net results were unexpected and reflect the unusual environment. Inflation levels in the US, particularly in food and fuel, created more pressure on margin mix and operating costs than we had anticipated. We adapt and will balance the value needs of our customers with the need to generate earnings growth for our future. » Doug McMillon, President and CEO, Walmart.
The company expects consolidated net sales to grow 5% in the second quarter of FY23 and approximately 4% in constant currency in fiscal 2023. The company’s forecast assumes a consumer generally stable in the US, higher supply chain costs, continued inflationary pressure and the mix of products and formats globally.
Fibre2Fashion (RR) News Desk