Wal-Mart notes sales gains in second quarter
Better performance in fresh food has helped Wal-Mart sales gain 1.6% for the quarter ending July 29.
Second-quarter fiscal year 2017 sales represented the eighth consecutive quarter of positive sales gains, according to a news release.
The Bentonville, Ark.-based retailer said total global revenue was $120.9 billion for the quarter, an increase of 0.5% compared with a year
ago. Without currency fluctuations, the sales gain would have been 2.8%, according to a news release.
"We're pleased with the positive momentum in our business," Doug McMillon, president and CEO, Wal-Mart Stores Inc., said in the news release. "Our strategy in the U.S. is working as we delivered an eighth consecutive quarter of positive comps, and international also performed well." The company is focused on building e-commerce capabilities globally, he said in the release.
Greg Foran, president and CEO of Wal-Mart U.S., said in a media call that the retailer is seeing "steady improvement" in Wal-Mart U.S. sales.
Neighborhood Market comparative store sales increased 6.5% over year-ago levels, making 22 consecutive quarters of positive comp sales for Neighborhood Markets. Wal-Mart now has 60 U.S. markets and 400 access points for online grocery availability.
Foran said in the media call that the quality of fresh food is improving and in-stock performance is better. "We've got less inventory so the (perpetual inventory) becomes more accurate, which means your replenishment works," he said.
