Friday, November 17, 2017

Business: Wal-Mart Rings Up Big Quarter

-WSJ

Wal-Mart is holding its ground against Amazon. The world’s biggest retailer Thursdayposted its strongest quarterly U.S. sales growth in nearly a decade, buoyed by a big jump in e-commerce and increased store traffic at a time when many traditional retailers are struggling. Wal-Mart shares gained nearly 11% after the company reported the earnings and have risen 44% so far this year. The fiscal third-quarter results bucked a string of mostly downbeat reports from retailers this week, including Target. Wal-Mart has focused on improving its food business, and in the wake of Amazon’s Whole Foods acquisition earlier this year has ramped up efforts to let shoppers order groceries online. Its grocery business delivered the strongest quarterly same-store sales growth in more than five years, including sales from online grocery pickup.

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