US' Walmart's revenue up 8.4% to $152.9 billion in Q2FY23

17 Aug '22

2 min read

Pic: Shutterstock

The revenue of Walmart was $152.9 billion in the second quarter of 2023, up 8.4 per cent, or 9.1 per cent in constant currency. Walmart US comp sales grew 6.5 per cent and 11.7 per cent on a two year stack. E-commerce growth was 12 per cent and 18 per cent on a two-year stack. Walmart delivered strong top-line growth globally, partially driven by inflation.

Walmart International’s net sales were $24.4 billion, an increase of $1.3 billion, or 5.7 per cent, negatively affected by $1.0 billion from currency fluctuations. However, the consolidated gross profit rate declined 132 basis points, primarily due to markdowns and mix of sales in the US, the company said in a press release.

“We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending. The actions we’ve taken to improve inventory levels in the US, along with a heavier mix of sales in grocery, put pressure on profit margin for Q2 and our outlook for the year. We made good progress throughout the quarter operationally to improve costs in our supply chain, and that work is ongoing. We continue to build on our strategy to expand our digital businesses, including the continued strength we see in our international markets,” said Doug McMillon president and CEO, Walmart.

Fibre2Fashion News Desk (RR)

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