The first quarter sales results are in for Walmart, and they look very optimistic! Walmart beat Wall Street’s earnings and expectations for the first quarter of 2023 and attributes most of this to its strong grocery sales which make up roughly 60% of sales. The CFO, John David Rainey stated that consumers are still spending a great deal even while inflation remains hard on American consumers. They have noticed people are not buying big ticket items such as televisions and are instead waiting for some of those items to go on sale before purchasing. Discretionary spending has gone down some, but people remain resilient which the retailer says has “surprised them.”
The article stated: “Total revenue rose to $152.30 billion from $141.57 billion in the year-ago period, beating Wall Street’s expectations. Same-store sales for Walmart U.S. climbed 7.4%, excluding fuel and E-commerce sales jumped 27% year over year for Walmart U.S.” Sam’s Club also had positive results and E-commerce sales up about 19%. It looks like people will continue to buy everyday items at low prices and Walmart will remain top in grocery and top as a discount retailer for Americans. It is great to see people saving money and finding ways to balance their finances during uncertain economic times.
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About The Author: Jeff Dervech
Jeff Dervech is a Tampa local commercial real estate agent, specializing in the arena of retail strip center and shopping centers.
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