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• Walmart expects full-year U.S. same-store sales to increase more than 6%
• Walmart hired over 200,000 workers to handle the holiday season rush
Walmart Inc on Tuesday raised its annual sales and profit forecast, expecting rise in demand for toys and apparel during the holiday season.
The world’s largest retailer said it expects full-year U.S. same-store sales to increase more than 6%, compared to its prior forecast of 5% to 6%.
The company expects the adjusted profit to be around $6.40 per share, up from earlier forecast of $6.20 to $6.35.
We have the people, the products, and the prices to deliver a great holiday season for our customers and members," Chief Executive Officer Doug McMillon said.
Walmart said it had hired over 200,000 workers to handle the rush of holiday season.
"The long period of sustained demand for goods has stretched supply chains, resulting in out of stocks and inflation," McMillon said.
Walmart’s sales
The raised forecast by Walmart comes weeks after e-commerce giant Amazon reported dull fourth-quarter outlook. Amazon also warned of higher costs during the holiday season.
Sales at U.S. stores which were open at least a year rose 9.2% in the third quarter, compared to analysts’ expectations of 7.04%, due to higher grocery demand and ease in restrictions.
Total revenue climbed 4.3% to $140.53 billion and it earned $1.45 per share on an adjusted basis, surpassing Wall Street expectations.
Walmart’s international business grew 10% due to higher sales in China and at India’s Flipkart during the Diwali festival sale.
Picture Credits: Reuters