BENTONVILLE, ARK. — Strong price positioning, fresh quality and improved in-stocks are driving solid gains within the grocery business at Walmart, Inc.
“Grocery sales were up 6% (in the second quarter), including the benefit from modest ticket inflation and increased low double digits on a two-year stack basis,” M. Brett Biggs, executive vice president and chief financial officer, said during an Aug. 17 conference call with analysts. “That results in $2.4 billion of growth in food sales year-over-year and about $5.5 billion of growth on a two-year stack.”
Overall, net income at Walmart in the second quarter ended July 31 totaled $4.28 billion, equal to $1.53 per share on the common stock, down 34% from $6.48 billion, or $2.29 per share, in the same period a year ago. Operating income, meanwhile, was $7.35 billion, up 21% from $6.06 billion in the same period a year ago.
Net revenues improved 2.4% to $141.05 billion from…