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Walmart says it has gained market share in CanadaMonday, August 21, 2017 > 09:40:43
Competitive pricing drives advances in food and consumables categories
Walmart says its Canadian stores gained market share against rivals during its fiscal second quarter.
“We further improved our price position against competitors, which contributed to market share gains in key traffic driving categories such as food and consumables,” Walmart chief financial officer Brett Biggs said in remarks prepared for analysts during a conference call to discuss its most recent results.
“Inventory was also a focus, as the team reduced overall levels, even as sales increased.”
In Canada, Walmart’s biggest competitors in the food segment are the major domestic grocery chains owned by Loblaw, Empire and Metro and the Canadian arm of Costco.
Walmart Canada’s comparable-store sales rose 2.5%, trailing only the Mexican arm’s 7.2% growth and ahead of the United States (1.8%), United Kingdom (1.8%) and China (0.6%).
Overall revenue for the three months ended July 31 climbed to $123.36 billion, from $120.85 billion. Walmart’s international revenue was down 1.5% at $29 million, due to divestitures.
Walmart’s effort to revitalize traffic in stores continues to gain ground. Sales at U.S. stores open at least a year increased 1.8%, the 12th straight quarter of growth for the figure. Traffic rose 1.3%.
Walmart earned $2.9 billion for the quarter. A year earlier the Bentonville, Arkansas-based company earned $3.77 billion.