Walmart Reports Revenue Growth and More in Second Quarter Highlights; Doug McMillon Comments

Many companies recently saw an end to their second financial quarter, and results are flowing in. Walmart reported strong revenue growth of 4.8 percent. Not to mention, its operating income is growing faster at 8.5 percent, and adjusted income is up 7.2 percent.

"Our team delivered another strong quarter. They work hard every day to help our customers and members save time and money. Each part of our business is growing—store and club sales are up, e-commerce is compounding as we layer on pickup, and even faster growth in delivery as our speed improves. Our newer businesses like marketplace, advertising, and membership, are also contributing, diversifying our profits, and reinforcing the resilience of our business model," said Doug McMillon, President and Chief Executive Officer.

Walmart reported that its global inventory went down 2 percent, including a decrease of 2.6 percent for Walmart U.S., although a press release confirmed in-stock levels are healthy.

Here is a breakdown of more Q2 highlights:

• Consolidated revenue of $169.3 billion, up 4.8 percent or 5 percent
• Global e-commerce sales grew 21 percent, led by store-fulfilled pickup and delivery, and marketplace
• Global advertising business grew 26 percent, including 30 percent for Walmart Connect in the U.S
• Adjusted EPS of $0.67 excludes the effect, net of tax, from a net loss of $0.11 on equity and other investments

In addition to its Q2 highlights, the retailer also shared an update to its Board of Directors. Bob Moritz, retired Chair of PwC, is set to join Walmart’s Board of Directors.

For full details, click here.

When you need more financial updates from the industry, click back to Deli Market News for the latest and greatest.