Walmart reported higher sales in the third quarter of 2021 after the company raised prices and consumers continued to shop entering the holiday season.
Comparable sales, a measure which includes U.S. stores and online outlets operating for at least 12 months, increased 9.2% in the third quarter of 2021 compared to the same period one year ago, according to Walmart’s earnings report. The company also saw more shoppers visit stores than last year, with traffic increasing 5.7%.
“Our momentum continues with strong sales and profit growth globally,” Walmart chief executive Doug McMillon said in the earnings report. “Our omnichannel focus is pushing digital penetration to record levels.” (RELATED: One Of America’s Biggest Companies To Split Into Two)
Walmart CEO Doug McMillon CNBC interview: He has seen a “significant change” in labor supply after government stimulus went away
I’ve been saying as savings from those stimmies fade workers would come rushing back – the great news is 11 million jobs are waiting pic.twitter.com/oBqYraXSMb
— Charles V Payne (@cvpayne) November 16, 2021
Additionally, strong grocery sales amid the start of holiday shopping helped to spur growth in the quarter as more products could flow through the retail giant. Walmart inventory increased by 11.5% in the third quarter of 2021 as the company prepared for a robust holiday season.
“We gained market share in grocery in the U.S., and more customers and members are returning to our stores and clubs around the world,” McMillon added. “Looking ahead, we have the people, the products, and the prices to deliver a great holiday season for our customers and members.”
Walmart directed the Daily Caller News Foundation to the company’s earnings report when asked for comment.
Meanwhile, U.S. retail sales grew 1.7% in October, far exceeding September’s 0.7% figure and the Dow Jones 1.5% projection, the Census Bureau reported Tuesday.
While retail sales increased at a higher rate than anticipated, inflation continues to soar, with the consumer price index rising 0.9% in October and 6.2% year over year. Additionally, consumers seem willing to pay higher prices although consumer sentiment plummeted to a 10 year low and inflation reached a 30 year high.
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