Walmart Lifts Outlook After Revenues Rise On Strong E-commerce Sales

New York, (UrduPoint / Pakistan Point News - 15th Aug, 2024) The US retail giant Walmart reported a rise in revenues on Thursday on increased e-commerce and advertising sales, and raised its outlook for the year.

Given its vast size and presence across the United States, Walmart's earnings are closely scrutinized for signs of the broader health of US consumers.

Walmart's revenues rose 4.8 percent to $169.3 billion in the second quarter from the same period a year earlier, it announced in a statement, while profits fell 43 percent.

The firm's results beat analyst estimates, causing it to raise its outlook for the year. Shares surged around seven percent in premarket trading.

"Our team delivered another strong quarter," Walmart chief executive Doug McMillon said in a statement.

"Each part of our business is growing -- store and club sales are up, eCommerce is compounding as we layer on pickup and even faster growth in delivery as our speed improves.

"Our newer businesses like marketplace, advertising, and membership, are also contributing, diversifying our profits and reinforcing the resilience of our business model," he added.

Walmart said its global e-commerce sales grew 21 percent in the second quarter, "led by store fulfilled pickup & delivery and marketplace."

Meanwhile, its global advertising business grew 30 percent, fueled by a 30 percent rise in its Walmart Connect business in the United States.