Walmart, Target Post Positive Q2 Results

NORTH AMERICA–Both Walmart and Target have revealed their financial results for the second quarter 2017, with Walmart reporting a 1.8 percent increase in comparable sales and Target reporting a 1.3 percent increase in comparable sales.

April 6, 2018

Walmart, Target Post Positive Q2 Results

Both companies also reported gains across their digital channels, reflecting their ongoing missions to thrive in the new era of retail.

NORTH AMERICA–Both Walmart and Target have revealed their financial results for the second quarter 2017, with Walmart reporting a 1.8 percent increase in comparable sales and Target reporting a 1.3 percent increase in comparable sales.

In addition to Walmart’s comparable sales, the company reported total revenue increased 2.1 percent to $123.4 billion. Excluding currency, total revenue was $124.4 billion, an increase of 2.9 percent.

Net sales and GMV for Walmart’s e-commerce initiatives grew 60 percent and 67 percent, respectively. Meanwhile, net sales at Walmart International were $28.3 billion, a decrease of 1 percent; however, nine of 11 markets posted positive comparable sales.

The retailer also saw a 1.3 growth in traffic.

“Thanks to the team for delivering another solid quarter,” says Doug McMillon, president and chief executive officer, Walmart. “Our customers are responding to the improvements in stores and online, and our results reflect this. Traffic increases at store level and the

e-commerce growth rate are key highlights. WE are moving faster and becoming more creative as we strive to make every day easier for busy families.”

Meanwhile, Target reported a 1.3 percent increase in comparable sales as well as a GAAP earnings per share from continuing operations of $1.22, an increase of 14.2 percent compared to the year prior.

Comparable digital channel sales for the retailer grew 32 percent and contributed 1.1 percentage points to comparable sales growth. However Segment EBIT, which is Target’s measure of segment profit, decreased 10.3 percent to $1,114 million, compared to $1,241 million in 2016.

The retailer also saw a 2.1 percent increase in traffic.

“I want to thank the team for their strong execution in the second quarter, which drove broad-based improvement in Target’s performance. In particular, we are pleased that second quarter traffic increased more than 2 percent, reflecting growth in both our store and digital channels,” says Brian Cornell, chairman and chief executive officer, Target. “We continue to focus on our long-term strategy, as we work to transform every part of our business and build an even better Target that will thrive in this new era in retail. While our recent results are encouraging, we will continue to plan prudently as we invest in building our brands, our digital channel, the value we provide our guests and elevating service levels in our stores.”

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