Walmart Holiday Quarter Sales Under Goal Due to Softness in Toys, Media and Gaming
Walmart shares recovered Tuesday, after a morning dip, to close 1.5% higher at $119.65 after its Q4 earnings report showing lower-than-expected revenue. Thanksgiving week sales were strong but the weeks just before Christmas fell short, said CEO Doug McMillon on…
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an investor webcast. The holiday season “wasn’t as good as expected” due to lower sales volume and pressure on associate scheduling, said Chief Financial Officer Brett Biggs. Strength in electronics, grocery, health and wellness and home was offset by softness in toys, media and gaming, and apparel during December. McMillon noted there wasn’t a hot toy item during the season, as in previous seasons, with the most popular toy priced under $5. Revenue grew 2.1% to $141.7 billion, below analysts’ estimates of $142.5 billion. E-commerce sales in the U.S. grew 35% vs. the year-ago quarter. Walmart forecast 2021 earnings per share of $5 to $5.15, with 30% e-commerce sales growth.