Walmart continues to win in grocery – seeing additional grocery market share gains this quarter and drawing in higher-income consumers looking to escape the rising costs of food. Ecommerce sales growth was also a bright spot. With our ears to the ground and eyes on the prize as always, we’ve recapped Walmart's Q1 Earnings Report for you here in this interactive and shareable format. Need a more in-depth idea of what's next for Walmart and beyond? Get in touch with Todd Matherly for more insights. MPG is here to be your No. 1 retail resource for all the challenges your team is facing.
KEY TAKEAWAYS
Q1 2024 total revenue was $152.3 billion, up 7.6%
eCommerce growth was strong, (+27%) with pick-up/delivery and advertising driving growth
The Walmart Connect advertising business continues to bring in impressive numbers, with 40% growth in Q1 24
Walmart continues to gain market share in grocery, including consumers from higher-income households
EARNINGS AT A GLANCE
Total revenue reached $152.3 billion with strength across all operating segments
Negatively affected by $0.2billion for currency fluctuations
eCommerce net sales up 26%, globally led by omnichannel, including pickup and delivery
Strong growth in membership income, globally
Other income negatively affected by a decline in sustainability income
Comp sales +7.4% with strength in grocery and health & wellness, offset by softness in general merchandise
Monthly comp sales growth moderated as the quarter progressed.
Strength in food categories, private brand sales, and higher average ticket and store transactions
Strong market share gains in grocery, including higher-income households
Strong growth for eCommerce in store-fulfilled pickup and delivery as well as nearly 40% growth in advertising
Q4 CATEGORY HIGHLIGHTS
GROCERY
Food sales continue to be strong as a result of increased market share. Food saw a low double-digit increase in inflation in Q1, up mid-20’s on a two-yr stack
HEALTH & WELLNESS
Pharmacy sales continue to be strong, driven by increased prescription counts, strong immunization, & a higher mix of branded & generic drug offerings
GENERAL MERCH
Sales continue to be soft in discretionary categories, however automotive and seasonal categories remained strong
“We had a strong quarter. Comp sales were strong globally with eCommerce up 26%. We leveraged expenses, expanded operating margin, and grew profit ahead of sales. And a big thank you to our associates, who continue to step up and deliver for customers and members whenever and however they want to be served.”
- Doug McMillan, CEO & President
ADDITIONAL ARTICLES
