In a recent interview on CNBC Squawk on the Street, Doug McMillon, CEO of Walmart, expressed confidence regarding Christmas sales given lower prices for general merchandise including electronics and toys. He was less certain over household expenditures in 2024 with the reality of high credit card balances and a lower level of savings.
Deflation has reduced the price of general merchandise and grocery prices have stabilized as noted in the successive third and fourth quarter CPI releases. Walmart has projected sales growth for 2024, anticipating a five percent increase that will reflect in increased earnings in the coming year.
For the 3rd Quarter of FY 2024 ending October 31st 2023, Walmart net income was $453 million on revenue of $160,804 million. Revenue was up 5.2 percent and systemwide sales increased 4.9 percent over the corresponding 3rd Quarter of FY 2023.