On Thursday, August 20th Walmart reported Q2 revenue of $187.9B, up 5.1% in constant currency at the high end of guidance, while raising its full-year sales and earnings outlook. The broader read was mixed but still constructive: Walmart continued to gain share, particularly in food, while Sam’s Club accelerated and eCommerce growth remained above 20%. At the same time, management acknowledged that higher fuel costs and pharmacy deflation weighed on US sales and implied lower- and middle-income shoppers are making more visible trade-offs.
The stock fell roughly 9% as investors focused on slowing US comps, moderation in general merchandise, and whether expanded rollback investments can reaccelerate the core store business against a cautious 2H macroeconomic backdrop.
Download Harvest Group’s full earnings recap with unique takeaways for suppliers here: