The company’s growing grocery business has proven to make a difference, with cash-strapped consumers avoiding expensive purchases and focusing on necessities during periods of high inflation. “This is where we’re seeing that Walmart has the upper hand compared to Target,” LSEG director of consumer research Jharonne Martis observed. According to Martis, Walmart’s grocery business has boosted customer loyalty, even convincing shoppers to spend on other general merchandise.

Over the second quarter, Walmart’s same-store sales rose by 6.3%, outpacing the 4.04% rise forecast by analysts. Food purchases rose by 2.8% along with online sales.

The post Walmart Stock Heads to All-Time High Ahead Of Labor Day appeared first on theprimarymarket.com.

Home Depot, Target, and Walmart all admitted that theft has become a major issue affecting their businesses following all three big box stores’ latest earnings calls. Target CEO Brian Cornell stated that his company is facing “an unacceptable amount of retail theft and organized retail crime.”

Inventory shrinkage, caused in part by theft, has had a significant effect on companies’ profit margins this year, with Home Depot CFO Richard McPhail citing this as the main factor for his company’s gross margin decline. Still, this is not a new issue, with the National Retail Federation’s (NRF) National Retail Security Survey finding that retail shrink was nearly $100 billion as of 2021; the most recent year that the data was collected.

The post Big Box Stores Hit By Surge in Theft appeared first on theprimarymarket.com.

On Wednesday, minutes from the Federal Reserve’s July meeting are due to be released. This data, together with July’s retail sales, is expected to provide insight into the trajectory of stocks following an average month of trading so far. Stocks on the Dow Jones Industrial Average rose 0.6% for the week, with both the S&P 500 and the Nasdaq Composite Index incurring weekly losses.

Core CPI rose by 0.2% in July, remaining in line with June’s figure. This marks the first time since February 2021 that core CPI has risen by just 0.2% in consecutive months.

The post Investors Await Wave of Big Box Earnings Led By Target, Walmart appeared first on theprimarymarket.com.

CEO Doug McMillon announced that Walmart would be embarking on a price-cutting strategy, whereby the company will be looking to provide customers with relief. This strategy is aimed at providing Walmart an edge in an environment where large corporations have been accused of exploiting consumers with steep prices.

McMillon stated that the company is “trying to work hard right now, as we have been for quite some time now, with our suppliers to get our prices down. We think the company’s positioned to succeed regardless of the environment.”

Anshu Bhardwaj, Walmart’s senior vice president of technology strategy and commercialization, revealed that the company is also planning on using new technology to solve customers’ problems and improve the shopping experience. Walmart is currently testing an artificial intelligence-based conversation platform, “Converse”, that is used to answer customer questions on the website. The platform has been labeled a “dedicated shopping assistant.”

The post Walmart Discusses Latest Progress in Shareholders’ Meeting appeared first on theprimarymarket.com.

The S&P 500 rose by 0.94%, while the Dow Jones Industrial Average gained 115 points or 0.34%. The tech-heavy Nasdaq Composite surged by 1.51%.

While U.S. President Joe Biden revealed no concrete debt ceiling plan before departing for his trip to Asia on Wednesday, however, investor confidence has grown amid reports of progress in negotiations. House Speaker Kevin McCarthy stated that Wednesday’s discussion “set the the stage to carry on further conversations.”

“We are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order,” Jefferies US Economist Thomas Simmons commented, adding that a deal needs to be reached before the June 1 deadline so as to avoid an unprecedented default on government loans.

Investor confidence was also boosted by Walmart’s first-quarter earnings, with the retail giant reporting a higher same-store sales growth that outpaced Wall Street estimates. Walmart consequently boosted its full-year adjusted earnings per share forecast from a range of $5.90-$6.05 to a range of $6.10-$6.20.

The post Stocks Rally Following Strong Walmart Earnings, Debt Ceiling Talks appeared first on theprimarymarket.com.

As Walmart CEO Doug McMillion told investors in an earnings call, the retail giant saw a rise in grocery sales over the first quarter, particularly among high earners and a younger demographic. The company’s same-store sales in Q1 topped analysts’ estimates, with its strength in grocery as well as health and wellness managing to offset a slide in general merchandise sales.

Target’s Q1 results follow this narrative, with CEO Brian Cornell making the following statement on a call with reporters: “(Consumers are) investing more in those household essentials and food and beverage items, and they’re shopping more cautiously when it comes to all things discretionary.”

Due to a higher focus than Walmart on general merchandise and less on groceries, Target’s earnings report was less optimistic, with a low-single-digit decline in sales. On the eCommerce front, Target’s online sales declined for a second straight quarter, while Walmart’s skyrocketed by 26%.

The post Walmart, Target Earnings Show That Consumers “Trading Down”, Execs Claim appeared first on theprimarymarket.com.

Sales rose by almost 8% over the first quarter; a figure that gave Walmart the confidence to project a 3.5% rise in consolidated net sales for the entire fiscal year. Earnings per share stood at $1.47, beating Wall Street estimates of $1.32 per share. According to data from Infinitiv, Walmart’s adjusted earnings per share for the full year are expected to be between $6.10 and $6.20.

Chief Financial Officer John David Rainey expressed satisfaction with regard to consumer resilience during tough financial times. He explained that many are making alternative purchase arrangements, such as buying smaller pack sizes of the same items and purchasing luxury items such as TVs only when there is a promotion.

“We’re seeing in these economic indicators that there is some strain on the consumer, but the resilience has surprised us,” Rainey reflected. And I think that’s in part probably because balance sheets are much stronger than they were pre-pandemic, even at this point.”

The post Walmart Raises Full-Year Outlook Amid Strong Q1 Report appeared first on theprimarymarket.com.

Retail sales are expected to grow by 0.8% in April, rebounding from a 1% decline in March, data from Bloomberg suggests. Other retailers that are set to report their quarterly earnings throughout the week include Alibaba, TJX, and Home Depot.

Congress is currently hosting talks over the potential raising of the U.S. debt ceiling. Deliberations between President Joe Biden and House Speaker Kevin McCarthy are expected to continue up until the government’s self-imposed deadline when it would run out of borrowing capacity.

According to Bloomberg, Wall Street analysts are expecting Target to report a 1.25% rise in same-store sales over Q1, while Walmart is expected to report a 5% hike in same-store sales.

As we head into earnings, we believe WMT is one of the best positioned in our coverage and our data checks support our view,” analysts at Jeffries wrote in a note to clients.

The post Investors Brace Themselves for Walmart, Target Earnings Reports appeared first on theprimarymarket.com.

Since joining the U.S. retail giant 24 years ago, Watkins has served in several senior roles across the Walmart U.S. and Sam’s Club chains. She was most recently the executive vice president of the Walmart U.S. consumables division.

Watkins’ appointment comes as little surprise, given that Walmart CEO John Furner wrote in a memo to associates that Redfield would step down from the role of chief merchandising officer. Redfield has agreed, however, to continue serving the company in an advisory role.

Speaking of the decline in consumer power due to high inflation, Furner expressed his confidence in Watkins’ ability to navigate this challenging period. “We have a rich history of strong leaders who embrace this constant change, set bold visions for our teams and best represent the humanity that is Walmart,” he wrote in the memo.

The post Walmart Names New Merchandising Chief appeared first on theprimarymarket.com.

Walmart explained its decision in a blog post, saying that the stores have been causing huge losses for the company on an annual basis. According to the company, Chicago stores have failed to become collectively profitable since the first one opened 17 years ago and “lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years.”

The remaining Walmart stores will continue business as usual. The company also added that all the workers from closed stores would have a chance to be relocated to another location. 

“We are grateful to our associates for their contributions to their communities and for the customers who have given us the privilege of serving them at these Chicago locations,” Walmart concluded in the blog post.

In its earnings report in February, Walmart reported $164 billion in revenue, posting a 7.3% year-over-year gain and beating the analysts’ estimation of $160 billion. The company’s stock has jumped more than 8% in the past month and is currently 3.91 percent up year to date at the price of $149.22 per share.

The post Walmart Closes Half its Chicago Stores Due to Huge Losses appeared first on theprimarymarket.com.

The company’s growing grocery business has proven to make a difference, with cash-strapped consumers avoiding expensive purchases and focusing on necessities during periods of high inflation. “This is where we’re seeing that Walmart has the upper hand compared to Target,” LSEG director of consumer research Jharonne Martis observed. According to Martis, Walmart’s grocery business has boosted customer loyalty, even convincing shoppers to spend on other general merchandise.

Over the second quarter, Walmart’s same-store sales rose by 6.3%, outpacing the 4.04% rise forecast by analysts. Food purchases rose by 2.8% along with online sales.

The post Walmart Stock Heads to All-Time High Ahead Of Labor Day appeared first on theprimarymarket.com.

Home Depot, Target, and Walmart all admitted that theft has become a major issue affecting their businesses following all three big box stores’ latest earnings calls. Target CEO Brian Cornell stated that his company is facing “an unacceptable amount of retail theft and organized retail crime.”

Inventory shrinkage, caused in part by theft, has had a significant effect on companies’ profit margins this year, with Home Depot CFO Richard McPhail citing this as the main factor for his company’s gross margin decline. Still, this is not a new issue, with the National Retail Federation’s (NRF) National Retail Security Survey finding that retail shrink was nearly $100 billion as of 2021; the most recent year that the data was collected.

The post Big Box Stores Hit By Surge in Theft appeared first on theprimarymarket.com.

On Wednesday, minutes from the Federal Reserve’s July meeting are due to be released. This data, together with July’s retail sales, is expected to provide insight into the trajectory of stocks following an average month of trading so far. Stocks on the Dow Jones Industrial Average rose 0.6% for the week, with both the S&P 500 and the Nasdaq Composite Index incurring weekly losses.

Core CPI rose by 0.2% in July, remaining in line with June’s figure. This marks the first time since February 2021 that core CPI has risen by just 0.2% in consecutive months.

The post Investors Await Wave of Big Box Earnings Led By Target, Walmart appeared first on theprimarymarket.com.

CEO Doug McMillon announced that Walmart would be embarking on a price-cutting strategy, whereby the company will be looking to provide customers with relief. This strategy is aimed at providing Walmart an edge in an environment where large corporations have been accused of exploiting consumers with steep prices.

McMillon stated that the company is “trying to work hard right now, as we have been for quite some time now, with our suppliers to get our prices down. We think the company’s positioned to succeed regardless of the environment.”

Anshu Bhardwaj, Walmart’s senior vice president of technology strategy and commercialization, revealed that the company is also planning on using new technology to solve customers’ problems and improve the shopping experience. Walmart is currently testing an artificial intelligence-based conversation platform, “Converse”, that is used to answer customer questions on the website. The platform has been labeled a “dedicated shopping assistant.”

The post Walmart Discusses Latest Progress in Shareholders’ Meeting appeared first on theprimarymarket.com.

The S&P 500 rose by 0.94%, while the Dow Jones Industrial Average gained 115 points or 0.34%. The tech-heavy Nasdaq Composite surged by 1.51%.

While U.S. President Joe Biden revealed no concrete debt ceiling plan before departing for his trip to Asia on Wednesday, however, investor confidence has grown amid reports of progress in negotiations. House Speaker Kevin McCarthy stated that Wednesday’s discussion “set the the stage to carry on further conversations.”

“We are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order,” Jefferies US Economist Thomas Simmons commented, adding that a deal needs to be reached before the June 1 deadline so as to avoid an unprecedented default on government loans.

Investor confidence was also boosted by Walmart’s first-quarter earnings, with the retail giant reporting a higher same-store sales growth that outpaced Wall Street estimates. Walmart consequently boosted its full-year adjusted earnings per share forecast from a range of $5.90-$6.05 to a range of $6.10-$6.20.

The post Stocks Rally Following Strong Walmart Earnings, Debt Ceiling Talks appeared first on theprimarymarket.com.

As Walmart CEO Doug McMillion told investors in an earnings call, the retail giant saw a rise in grocery sales over the first quarter, particularly among high earners and a younger demographic. The company’s same-store sales in Q1 topped analysts’ estimates, with its strength in grocery as well as health and wellness managing to offset a slide in general merchandise sales.

Target’s Q1 results follow this narrative, with CEO Brian Cornell making the following statement on a call with reporters: “(Consumers are) investing more in those household essentials and food and beverage items, and they’re shopping more cautiously when it comes to all things discretionary.”

Due to a higher focus than Walmart on general merchandise and less on groceries, Target’s earnings report was less optimistic, with a low-single-digit decline in sales. On the eCommerce front, Target’s online sales declined for a second straight quarter, while Walmart’s skyrocketed by 26%.

The post Walmart, Target Earnings Show That Consumers “Trading Down”, Execs Claim appeared first on theprimarymarket.com.

Sales rose by almost 8% over the first quarter; a figure that gave Walmart the confidence to project a 3.5% rise in consolidated net sales for the entire fiscal year. Earnings per share stood at $1.47, beating Wall Street estimates of $1.32 per share. According to data from Infinitiv, Walmart’s adjusted earnings per share for the full year are expected to be between $6.10 and $6.20.

Chief Financial Officer John David Rainey expressed satisfaction with regard to consumer resilience during tough financial times. He explained that many are making alternative purchase arrangements, such as buying smaller pack sizes of the same items and purchasing luxury items such as TVs only when there is a promotion.

“We’re seeing in these economic indicators that there is some strain on the consumer, but the resilience has surprised us,” Rainey reflected. And I think that’s in part probably because balance sheets are much stronger than they were pre-pandemic, even at this point.”

The post Walmart Raises Full-Year Outlook Amid Strong Q1 Report appeared first on theprimarymarket.com.

Retail sales are expected to grow by 0.8% in April, rebounding from a 1% decline in March, data from Bloomberg suggests. Other retailers that are set to report their quarterly earnings throughout the week include Alibaba, TJX, and Home Depot.

Congress is currently hosting talks over the potential raising of the U.S. debt ceiling. Deliberations between President Joe Biden and House Speaker Kevin McCarthy are expected to continue up until the government’s self-imposed deadline when it would run out of borrowing capacity.

According to Bloomberg, Wall Street analysts are expecting Target to report a 1.25% rise in same-store sales over Q1, while Walmart is expected to report a 5% hike in same-store sales.

As we head into earnings, we believe WMT is one of the best positioned in our coverage and our data checks support our view,” analysts at Jeffries wrote in a note to clients.

The post Investors Brace Themselves for Walmart, Target Earnings Reports appeared first on theprimarymarket.com.

Since joining the U.S. retail giant 24 years ago, Watkins has served in several senior roles across the Walmart U.S. and Sam’s Club chains. She was most recently the executive vice president of the Walmart U.S. consumables division.

Watkins’ appointment comes as little surprise, given that Walmart CEO John Furner wrote in a memo to associates that Redfield would step down from the role of chief merchandising officer. Redfield has agreed, however, to continue serving the company in an advisory role.

Speaking of the decline in consumer power due to high inflation, Furner expressed his confidence in Watkins’ ability to navigate this challenging period. “We have a rich history of strong leaders who embrace this constant change, set bold visions for our teams and best represent the humanity that is Walmart,” he wrote in the memo.

The post Walmart Names New Merchandising Chief appeared first on theprimarymarket.com.

Walmart explained its decision in a blog post, saying that the stores have been causing huge losses for the company on an annual basis. According to the company, Chicago stores have failed to become collectively profitable since the first one opened 17 years ago and “lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years.”

The remaining Walmart stores will continue business as usual. The company also added that all the workers from closed stores would have a chance to be relocated to another location. 

“We are grateful to our associates for their contributions to their communities and for the customers who have given us the privilege of serving them at these Chicago locations,” Walmart concluded in the blog post.

In its earnings report in February, Walmart reported $164 billion in revenue, posting a 7.3% year-over-year gain and beating the analysts’ estimation of $160 billion. The company’s stock has jumped more than 8% in the past month and is currently 3.91 percent up year to date at the price of $149.22 per share.

The post Walmart Closes Half its Chicago Stores Due to Huge Losses appeared first on theprimarymarket.com.