Apparel & back-to-school sales spur US retailer Walmart's Q2 result

18 Aug '21

2 min read

Pic: Walmart

Benefiting from general merchandise sales, particularly apparel, travel, and back-to-school categories, US-based retail corporation Walmart has reported 2.4 per cent revenue hike to $141.0 billion in second quarter (Q2) of FY22 ended on July 30, 2021, against same period of previous fiscal. However, net income slipped to $4.3 billion ($6.4 billion).

“We had another strong quarter in every part of our business. Our global e-commerce sales are on track to reach $75 billion by the end of the year, further strengthening our position as a leader in omnichannel,” Doug McMillon, president and CEO of Walmart, said in a press release.

Walmart US segment sales surged 5.3 per cent to $98.2 billion with 6 per cent gain from grocery. Although strong sales growth in Flipkart, Mexico and China, Walmart’s International sales dipped 15.2 per cent to $23.0 billion.

Moreover, Sam’s Club registered 13.9 per cent rise in Q2 FY22 to $18.6 billion citing growth from apparel, jewellery and furniture categories.

“We grew market share in US grocery, added thousands of new sellers to our marketplace, rapidly grew advertising businesses around the world, and we’re finding innovative ways to commercialise our data and build technology. We have a unique ecosystem of products and services designed to serve customers in broader, deeper ways, and we’re grateful to our associates for making it all happen,” McMillon concluded.

The US retail giant has uplifted its FY22 guidance and now expects sales to grow around 6-7 per cent with Walmart US sales increasing 5-6 per cent.

Fibre2Fashion News Desk (JL)

More Wal-Mart News... More Retail News - United States Of America...