Walmart reports its financial earnings for the third quarter

Walmart reports its financial earnings for the third quarter

Walmart announced its financial earnings for the third quarter (1st July – 30th September 2017), reporting a growth in sales of 1.1% for Asda.

In a call detailing Walmart’s earnings today, Walmart President and CEO Doug McMillon said; “In the U.K., Asda delivered positive comp sales again this quarter. The improvements in store experience and price investments are increasing store basket sizes. We’re excited to have Roger Burnley lead Asda into the future as CEO starting next year. Over the past year, Roger has been our COO and Deputy CEO and he has a long and distinguished retail career. I’d like to thank Sean Clarke for the tremendous work that he has done over the past year to stabilize the business and position it for growth. Sean has done a lot for our company living in 5 countries over his 21-year career with Walmart. Thank you, Sean.”

Walmart CFO Brett Biggs said; “Turning to the U.K, Net sales increased 3.6 percent, and comp sales increased 1.1 percent. Customers continue to respond to investments in the value proposition. In fact, during the quarter, our in store service metrics continued to improve and performance strengthened across our private brand and online grocery offerings. While we are pleased with the improved performance in the business we know we have more work to do.”

Asda Chief Executive Officer (CEO) Sean Clarke said: “It’s great to see that we have now delivered our 2nd consecutive quarter of positive LFL growth, and the fifth consecutive quarter of continued sales improvement.

“Right now, we are focussed on delivering value for our customers across all of our ranges this Christmas and ensuring everyone gets a great experience, both instore or online. Our colleagues will ensure Asda delivers the ‘Best Christmas Ever’. Thank you to each and every colleague for the difference you make.

“The market environment will continue to be challenging into next year but we’re well placed with clear plans and a renewed level of confidence.”

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