Wal-Mart Stores quarterly sales boosted by hurricane and online sales
Its shares are up 3.5%, with online sales soaring 50% during the quarter
Chicago — Wal-Mart Stores, the world’s largest retailer, reported better-than-expected quarterly sales at established US stores on Thursday, boosted by hurricane-related purchases and soaring online sales, sending its shares up 3.5%. The retailer has recorded more than three straight years of comparable sales growth, despite slow demand and a tough retail environment that has hurt bricks-and-mortar rivals. Excluding special items, earnings per share came to $1 in the third quarter ended October 31, exceeding the average analyst estimate of 97c, according to Thomson Reuters. Sales at US stores open for at least a year rose 2.7%, excluding fuel price fluctuations. This is stronger than market expectations for a rise of 1.7%, according to Consensus Metrix. Online sales soared 50% during the quarter, exceeding growth rates in the industry, but slower than the previous quarter’s 60% rise. It added 80 basis points to the third quarter comparable sales gain. Wal-Mart also raised its full-y...
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