On Thursday, May 18th, Walmart announced that Q1 earnings outperformed expectations and raised the company’s outlook for fiscal year 2024. Operating profit grew more than twice the rate of sales driven by strong topline performance and disciplined expense management. Executives noted a continued shift in business mix from General Merchandise to Grocery and Health & Wellness, putting pressure on gross margin. Walmart’s strategic focus will remain on delivering value and convenience for their shoppers while improving the customer experience online through retail media participation and an expanded Marketplace presence.
You can download Harvest Group’s full Q1 2023 Walmart and Sam’s Club earnings recap here:
