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Walmart is crushing it
Zou Zheng/Xinhua via Getty Images
- Walmart posts strong sales growth for Q3.
- The retailer is gaining market share by attracting both low and high-income shoppers.
- Outgoing CEO Doug McMillon will be succeeded by John Furner in January.
Even in challenging times, Walmart continues to deliver solid results.
The retail giant posted strong sales for the third quarter, with a 4.5% increase in same-store sales, beating analysts’ expectations. Its e-commerce division saw a 27% increase during the quarter.
“We’re gaining market share, improving delivery speed, and managing inventory well. We’re well-positioned for a strong finish to the year and beyond that, thanks to our associates,” outgoing CEO Doug McMillon said.
McMillon is set to retire in January and be succeeded by John Furner, who heads-up the company’s US division.
Walmart is the largest retailer in the world, and more than one in four grocery dollars in the US is spent at one of Walmart stores. That scale gives the company a unique lens into the financial health of American households.
This story is developing. Please check back for updates.
Read the original article on Business Insider
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