Walmart spent $2.7 billion fixing a huge mistake
The company posted first-quarter earnings per share of 98 cents, versus $1.03 a share last year. Revenue rose to $115.9 billion for the quarter, up from $114.83 billion a year earlier.
In the US, same-store sales rose 1% in the quarter, driven by a 1.5% increase in traffic.
Walmart attributed the gains in part to its investments in labor, which in turn have resulted in a better store experience for customers.
The company last year committed to investing $2.7 billion over two years in wage increases, scheduling improvements, and employee training.
Walmart US President Greg Foran said many associates are spending their extra income at stores.
"We are seeing an improvement of associates purchasing in our stores," Foran told reporters on Thursday.
Reuters/Mike Blake
"Associates are feeling a little bit more engaged," he said.
Employees are doing a better job at keeping shelves stocked and the stores and parking lots are cleaner, he said.
Customers are noticing the changes.
"Our customers continue to tell us they are happy with the changes we're making in our stores, as evidenced by our customer experience scores, which rose again this quarter versus last year," said Brett Biggs executive vice president and chief financial officer of Walmart stores, on a call with analysts.
Foran said there's still room for more improvement, however.
"We've still got a long way to go, we've still got plenty of stores that [need improvement]," he said.
If you work for Walmart and have a story to tell, please email us at hpeterson@businessinsider.com.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market