Walmart Sales Increase in Q1 2023

Walmart has released its Q1 results for fiscal 2023, showing an increase in sales despite the impact of inflation.

First covered by Store Brands’ sister publication Progressive Grocer, Walmart reported total revenue of $141.6 billion, up 2.4%, or 2.6% in constant currency. However, growth was negatively affected by $5.0 billion because of divestitures, and $0.4 billion from currency.

Walmart U.S. comp sales grew 3.0% and 9.0% on a two-year stack, gaining market share in grocery, while eCommerce growth was 1%, or 38% on a two-year stack. Sam’s Club comp sales increased 10.2%, and 17.4% on a two-year stack, while membership income increased 10.5%.

Walmart International net sales were $23.8 billion, a decrease of $3.5 billion, or 13.0%, which Walmart said were negatively affected by $5.0 billion because of divestitures, and $0.4 billion from currency fluctuations. There were positive comps across all markets, however, and the company’s global advertising business grew more than 30%.

“Across our businesses, we had a strong top-line quarter,” said Doug McMillon, president and CEO of Walmart. “We’re grateful to our associates for their hard work and creativity. Bottom-line results were unexpected and reflect the unusual environment. U.S. inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected. We’re adjusting and will balance the needs of our customers for value with the need to deliver profit growth for our future.”

 Walmart operates more than 10,500 stores and numerous eCommerce websites under 46 banners in 24 countries, employing about 2.3 million associates worldwide.