Dive Brief:
- Wal-Mart released its third quarter earnings Thursday, with a 0.5% increase in comparable sales in the U.S. and an increase of total revenue, up 2.9% from last year to $119 billion. Profit dropped to $3.71 billion from $3.74 billion the previous year.
- This is the first uptick in comparable sales the retailer has seen in seven quarters, or nearly two years. Wal-Mart previously projected a flat figure for U.S. same-store sales this quarter.
- Online global sales for the retailer increased by 21% in the quarter.
Dive Insight:
Wal-Mart has been heavily focusing on its e-commerce efforts while cutting back on plans to construct more supercenters in the upcoming years. These efforts, particularly when looking at online global sales, seem to have been somewhat successful so far. But the retailer still needs to grapple with stagnant wages and decreased government benefits many of its customers are facing.
"We're investing in key areas of our business, including wages in our U.S. stores and in e-commerce and mobile capabilities," said CEO Doug McMillon. "We continue to see opportunities to improve our business."