Walmart sales growth was the best in a decade

So much for all those worries that Walmart was losing ground to Amazon.Walmart delivered its best US ...

Posted: Aug 17, 2018 8:29 AM
Updated: Aug 17, 2018 8:29 AM

So much for all those worries that Walmart was losing ground to Amazon.

Walmart delivered its best US sales growth in more than a decade, and digital sales surged 40%.

Some analysts were worried that growth in Walmart's numerous digital operations, including Jet, ModCloth and Moosejaw as well as Walmart.com, were starting to slow.

But a stellar earnings report Thursday may put those fears to rest. Moody's lead retail analyst Charlie O'Shea called it "a banner quarter on multiple fronts."

Overall sales at US stores open at least a year rose 4.5%. Walmart also raised its outlook for the year.

The stock soared 9%, helping the Dow to a gain of almost 400 points, its best showing in four months.

Walmart's Sam's Club warehouse unit, a competitor of Costco and BJ's Wholesale, reported same-store sales growth of 5%, the best in six years.

And Walmart reasserted itself as a leader in the supermarket business. It has battled for market share with Amazon and its Whole Foods unit, as well as supermarket leader Kroger.

But Walmart's grocery sales growth was one of the highlights in the quarter. Walmart CEO Doug McMillon vowed that Walmart will continue to "aggressively roll out grocery pickup and delivery in the US."

Moody's O'Shea liked that news, too. He said Walmart's food business "continues as a bright spot, with rapid rollout of in-store pickup well underway, and product delivery expanding as well."

Walmart's results may also help reassure investors after disappointing sales from Macy's on Wednesday led to a retail sector bloodbath. Many prominent retail stocks plummeted more than 10%.

Shares of Target rose Thursday. Costco was higher, too. So were shares of Nordstrom, the high-end department store chain which will report earnings after the closing bell Thursday.

But JCPenney shares plunged more than 25% to below $2 a share after the struggling department store company reported a bigger than expected loss and yet another steep decline in sales.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 13731

Reported Deaths: 652
CountyConfirmedDeaths
Hinds89824
Lauderdale68056
Madison65321
Scott59210
Neshoba51431
Jones49215
Forrest48635
DeSoto4746
Leake38810
Holmes36923
Rankin3566
Jackson29613
Copiah2844
Attala27314
Monroe24624
Lincoln24520
Leflore24126
Harrison2376
Newton2273
Lamar2205
Yazoo2192
Pearl River20527
Pike20011
Adams18815
Noxubee1656
Lowndes1647
Warren1547
Washington1535
Jasper1453
Bolivar14111
Oktibbeha13910
Covington1311
Clarke13116
Smith13110
Kemper12710
Chickasaw12712
Wayne1250
Lafayette1243
Carroll11310
Marion1108
Lee1085
Coahoma1063
Clay993
Winston981
Lawrence941
Hancock8811
Itawamba857
Simpson850
Wilkinson849
Yalobusha845
Montgomery801
Sunflower793
Grenada752
Union725
Marshall713
Jefferson Davis712
Tippah7011
Panola622
Calhoun604
Tate591
Claiborne582
Humphreys537
Amite521
Walthall490
Perry492
Tunica483
Jefferson400
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Choctaw322
Stone300
Webster281
Pontotoc263
Franklin252
Tishomingo250
Quitman240
Tallahatchie241
George201
Benton150
Alcorn141
Greene71
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 15650

Reported Deaths: 580
CountyConfirmedDeaths
Mobile2033111
Jefferson163091
Montgomery127433
Marshall6509
Tuscaloosa55812
Lee51032
Franklin4676
Shelby44719
Tallapoosa40063
Butler35912
Chambers33724
Madison3024
Baldwin2749
Elmore2707
Walker2391
Etowah23811
DeKalb2263
Dallas2063
Coffee2061
Lowndes19310
Sumter1936
Morgan1761
Houston1724
Autauga1683
Calhoun1463
Pike1450
Choctaw1444
Colbert1422
Marengo1416
Russell1370
Lauderdale1352
Bullock1333
Hale1324
Randolph1247
Wilcox1187
Marion11410
Barbour1131
Clarke1092
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Pickens934
Greene914
Talladega912
Chilton871
Dale850
Cullman780
Limestone770
Jackson712
Winston670
Covington671
Washington655
Henry642
Macon622
Crenshaw602
Bibb591
Blount491
Lawrence430
Escambia433
Perry350
Geneva350
Coosa341
Monroe332
Cherokee332
Conecuh281
Clay272
Lamar200
Cleburne131
Fayette110
Unassigned00
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