Walmart Revenue, Profit Rise as Higher Prices Lift Business

Tuesday - 16/08/2022 08:26
Retail giant says it is gaining market share in some categories such as grocery, and its efforts to clear out excess inventory are continuing
Walmart‘s sales were helped by higher prices, market share gains in grocery and strong store-brand product sales. PHOTO: TRENT BOZEMAN FOR THE WALL STREET JOURNAL
Walmart‘s sales were helped by higher prices, market share gains in grocery and strong store-brand product sales. PHOTO: TRENT BOZEMAN FOR THE WALL STREET JOURNAL

Walmart Inc.’s WMT 0.29%▲ revenue and profit rose in the second quarter as the retail giant benefited from higher prices and consumers stepping up shopping trips to its stores.

Walmart on Tuesday said it is gaining market share in some categories such as grocery as shoppers grapple with inflation, and that some Covid-19 related costs have shrunk. But higher prices have led shoppers to hold back on some purchases, prioritizing lower-margin food items, eating into profits. Walmart is also selling through a glut of inventory leading to higher discounts.

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Author: Editors Desk

 Keywords: Wall St

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