WalMart Inc. said its sales increased in the second quarter and raised its earnings forecasts for the year, thereby extending its multi-year growth streak of the retail giant, as it takes market share from troubled competitors and It expands online.
Sales in stores and online in the United States that operated at least 12 months grew 2.8%, due to strong sales of groceries purchased. E-commerce sales in the United States also increased by 37%.
“We are gaining market share. We are on track to exceed our original earnings expectations for the year,” Walmart CEO Doug McMillon said in a statement on Thursday.
Walmart now expects comparable US sales to increase at the high end of a range of 2.5% to 3% for the entire year, an improvement from a previous prediction of sales that fall somewhere in that range, according to information from The Wall Street Journal.