LONDON (ShareCast) - (Sharecast News) - Wal Mart saw sales accelerate over the all-important holiday trading period as the US retail giant succeded in luring shoppers out from behind their computers and into its brick and mortar locations.
Wal Mart said like-for-like sales rose 4.2% year-on-year, just another win in a string of recent successes for the group as it continues to up its own online investment in an attempt to challenge the likes of Amazon and eBay.

Online sales were up 43% and the retailer said group revenues were also boosted by its move into grocery delivery, investments into lower prices and strong sales of toys during the winter quarter as Wal Mart benefited from the recent collapse of Toys R Us.

Total group revenues were up just 1.9% to $138.8bn, but Walmart's reported net income soared 69% to $3.69bn or $1.27 per share.

Chief executive Doug McMillon said: "Progress on initiatives to accelerate growth, along with a favourable economic environment, helped us deliver strong comp sales and gain market share."

Despite the solid quarter, Wal Mart kept its full-year guidance unchanged and even warned of a slight decline in operating income for 2020. Net sales growth was predicted to be at least 3%, while net sales were pegged to climb about 5% worldwide.

As of 1600 GMT, Wal Mart shares had picked up 3.78% to $103.77 each.

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