By Conor Coyle
Date: Thursday 17 Nov 2016
LONDON (ShareCast) - (ShareCast News) - Profits at Wal-Mart Stores fell 8.2% compared with the same quarter last year as the company invests heavily in boosting its e-commerce operations to compete with the likes of Amazon.
However, sales rose for the company's third quarter, coming in 1.2% higher than last year. It represents the ninth consecutive sales increase for Wal-Mart.
E-commerce sales also rose by 21%, reflecting the retailer's increased efforts in that sector.
In pre-market trading, Wal-Mart's stock fell 2.9% to $69.31.
The biggest retailer in the US focused on the positives in a call following the results release with chief executive Doug McMillon.
"We're executing well in our stores and making strategic investments in e-commerce to accelerate growth," McMillon said.
"We view the same-store sales growth as evidence that Wal-Mart's investment in labor, e-commerce and marketing its value message are working," he added. "However, some investors may be disappointed that traffic and comps decelerated slightly."
Wal-Mart's main rival Target said on Wednesday that sales in existing stores had fallen slightly for the quarter, but forecast a growth in sales over the holiday season.
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Currency | US Dollars |
Share Price | $ 59.82 |
Change Today | $ 0.11 |
% Change | 0.18 % |
52 Week High | $175.86 |
52 Week Low | $58.61 |
Volume | 14,207,397 |
Shares Issued | 8,077m |
Market Cap | $483,166m |
Beta | 0.56 |
RiskGrade | 117 |
Strong Buy | 14 |
Buy | 19 |
Neutral | 5 |
Sell | 0 |
Strong Sell | 0 |
Total | 38 |
Time | Volume / Share Price |
16:00 | 3,497,890 @ $59.82 |
16:00 | 114 @ $59.83 |
15:59 | 24,300 @ $59.82 |
15:59 | 100 @ $59.82 |
15:59 | 170 @ $59.82 |
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