Walmart Fourth-Quarter Sales and Profit Grow, But Entertainment Sales Drop21 Feb, 2013 By: Chris Tribbey
Walmart’s sales rose nearly 4% to $127.1 billion, and profit grew nearly 8% to $5.6 billion for the three months ended Jan. 31.
However, the disc sellthrough leader reported a dip in home entertainment sales, despite gaining market share in entertainment categories.
“The entertainment industry continues to experience overall deflation, as well as conversion to digital,” Bill Simon, president and CEO of Walmart U.S., said in a conference call with investors. “Consistent with the industry, our entertainment business posted a mid single-digit negative comp. These results were balanced by strong performance in tablets and wireless.”
Walmart U.S. stores posted a 2.6% gain in sales, compared with a nearly 7% jump in sales for international stores. For the Black Friday shopping period, 22 million customers shopped at Walmart that Thursday alone.
“Walmart topped off a really good year with a solid fourth quarter, and I’m proud of what we accomplished as a team,” said Mike Duke, CEO and president of Walmart Stores. “We have high expectations for fiscal 2014, and I’m optimistic as I look ahead.”