Offbeat Walmart Holds Its Ground in U.S. Amid Unseasonable April Weather

15:36  17 may  2018
15:36  17 may  2018 Source:   bloomberg.com

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All rights reserved. Unseasonable weather continues to batter the US. More. Now Playing: Trump talks tax reform as questions swirl amid Stormy Daniels scandal. Now Playing: NRA holds its national convention in Dallas.

April 9, 2018 admin News. Comments Off on Unseasonable weather continues to batter the US.

(Bloomberg) -- Walmart Inc. overcame a spate of nasty spring weather to deliver a solid first-quarter performance in the U.S., erasing the sting of a lackluster holiday period.

Comparable sales at U.S. Walmart stores grew 2.1 percent in the three months ended April 30, the company said Thursday, just shy of analysts’ estimates. Customer visits rose 0.8 percent, the slowest growth in more than a year, as bad weather kept people from visiting the stores. But shoppers did spend more on each trip and the retail giant said business has picked up in recent weeks.

The shares rose 1 percent in premarket trading.

“We never do like to blame the weather, but in this case it was unseasonably cool and wet,” Chief Financial Officer Brett Biggs said in an interview. “That impacts some of the seasonal categories. What you see when you have prolonged wet weather is that people consolidate their trips. Since the weather moderated, the categories that were challenging have come back as we expect.”

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The company mentioned " weather " 18 times in its earnings conference call, explaining that " unseasonably cold and disruptive weather " hurt U . S In addition to the weather , this time around Wal - Mart cited a double-digit increase in health care expenses in the fourth quarter amid increased

Unusual Rex Block brings unseasonable cold to eastern Canada. This ribbon of fast-moving air, which flows along at around 10 kilometres above the ground , makes an appearance on nearly every weather map we see on television, due to its ability to strongly influence our day-to-day weather .

Poor weather is just the latest challenge facing Chief Executive Officer Doug McMillon, who’s overhauling the retailer abroad as it battles against Amazon.com Inc. Walmart generates most of its profits and sales in the U.S., though, and its heavy spending to lower prices and expand its online business has raised concerns among some investors recently. Through Wednesday’s close, the shares had fallen 13 percent this year, after two straight years of increases.

Walmart’s adjusted earnings amounted to $1.14 a share in the fiscal first quarter. That beat analysts’ average projection of $1.12. Online revenue in the U.S. rose 33 percent, better than the holiday quarter’s subpar performance but below the 40 percent pace the company had forecast for the full year.

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Interested in Weather ? Add Weather as an interest to stay up to date on the latest Weather news, video, and analysis from ABC News. New York City saw 5.5 inches of snow -- its heaviest April snowfall since 1982 when the city was dumped with 9.6 inches.

Weather News - April 18, 2018, 12:02:33 PM EDT. One of the most Instagram-able music events in the world will kick off its final weekend of performances for 2018 amid hot conditions.

Premarket Gains © Bloomberg Premarket Gains

The company’s recent moves include combining its British chain Asda with J Sainsbury Plc, uniting the U.K.’s second and third-biggest supermarket chains in a transaction worth about $10 billion. Less than two weeks later it inked its biggest-ever deal to gain a majority stake in India’s Flipkart Group, striking a blow against Amazon, which has spent billions to gain customers in the world’s second most-populous nation.

The Flipkart deal should help position Walmart in a fast-growing market, but for now it risks crimping earnings that are already under pressure from rising food and transportation costs in the U.S. Gas prices are also on the rise, which could prompt Walmart’s lower-income shoppers to spend less on each trip or even come into the stores less often.

To contact the reporter on this story: Matthew Boyle in New York at mboyle20@bloomberg.net

To contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, Cecile Daurat

©2018 Bloomberg L.P.

Target slashes delivery fee, pressuring Walmart, Amazon .
Target is expanding its next-day delivery service of household staples nationwide and cutting the price to $2.99 from $4.99Starting this week, customers purchasing household staples through the discount department store chain's Restock service will pay a $2.99 delivery fee instead of $4.99. And those who buy items with Target’s branded credit/debit card won’t pay anything extra at all.

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