BENTONVILLE, ARK. — Walmart reported that its “October Savings” promotion helped “more challenging categories” like TV and offset concerns over the government shutdown and debt ceiling debate, said Walmart U.S. president/CEO Bill Simon, said when the retailer released its quarterly financial last week.
But CE comps faltered at Sam’s Club.
“We made some progress in TVs, as we’ve sharpened our pricing strategy on key brands and improved our offering, overcoming share losses in the second quarter,” Simon said, resulting in a market share increase of 80 basis points according to The NPD Group.
The chain also saw continued strength in wireless, and was pleased with the early results of new smartphone and tablet trade-in programs, he said.
Sam’s Club president/CEO Rosalind Brewer cited the division’s 1.1 percent comp sales gain and steady increase in traffic, including double-digit growth online thanks to increased mobile web and app usage.
But CE comps slipped by the mid-single digits during the period due to “deflationary pressures in electronics,” she said.
Walmart said net income rose 2.8 percent to $3.7 billion in the third quarter, ended Oct. 31, while net sales edged up 1.6 percent to $114.9 billion. In the U.S., Walmart store comps slipped 0.3 percent.
Visit TWICE.com for the complete Walmart financial report.