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Walmart net profit falls to USD3.4b in Q2
(MENAFN) US retail giant Walmart Stores showed increased sales in its home market, but its profit went down due to higher costs and the strong dollar, which totaled to USD3.4 billion in the second quarter, down 11.4 percent from 2014.
Overall revenue edged up 0.1 percent to USD120.23 billion, on a different note, Walmart executives said US shoppers were rewarding the company for better service for boosted staff levels at major times of the day.
However, results at Walmart US were affected by lower than expected pharmacy reimbursements, plus an increase in inventory due to factors such as shoplifting and spoilage.
"The company had taken a number of measures to address shrink, including strengthened training of employees to better manage perishable items, and we do expect that to improve over the next 18 months," said a Walmart executive.
Overall revenue edged up 0.1 percent to USD120.23 billion, on a different note, Walmart executives said US shoppers were rewarding the company for better service for boosted staff levels at major times of the day.
However, results at Walmart US were affected by lower than expected pharmacy reimbursements, plus an increase in inventory due to factors such as shoplifting and spoilage.
"The company had taken a number of measures to address shrink, including strengthened training of employees to better manage perishable items, and we do expect that to improve over the next 18 months," said a Walmart executive.
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