Last week, Walmart announced that its sales at established Canadian stores increased 6.7 per cent in the first quarter of the company’s fiscal 2017. According to the discount retail chain, this growth was driven by an increase in foot traffic of 4.6 per cent. This news follows eight consecutive quarters of sales increases.
“The performance was driven by improvements in our merchandise assortment and price investment, which led to strong customer traffic growth,” says Brett Biggs, executive vice-president and chief financial officer of Wal-Mart Stores, Inc. “Our e-commerce business also continued to grow nicely with the expansion of online grocery in the Greater Toronto Area. Even as e-commerce investments continued, our ability to leverage expenses led to growth in operating income that outpaced sales growth.”
The retail giant reported a fiscal first-quarter profit of $3.08 billion U.S., while revenues were $115.9 billion. Net income was 98 cents per share, topping the average 88-cent estimate of the 10 analysts surveyed by Zacks Investment Research.
Walmart Canada manages 405 stores, including 319 supercentres and 86 discount stores.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 260 million customers and members visit our 11,528 stores under 72 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2016 revenue of $482.1 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visitinghttp://corporate.walmart.com
