Walmart blew past Street expectations and raised its full-year outlook for the second consecutive quarter as it continued to win over shoppers —both in-store and online.
“We had another strong quarter,” CEO Doug McMillon said in a statement. “Food is a strength, but we’re also encouraged by our results in general merchandise versus our expectations when we started the quarter. We’re in good shape with inventory, and we like our position for the back half of the year.”
Walmart released its results the morning after it announced several senior leadership changes, including the retirement of Judith McKenna as president and CEO of Walmart International. She will be succeeded by Kath McLay, CEO of Sam’s Club.Chain Store Age