Walmart Revenues Boost Dow
The Dow got help from Walmart, which gained over 10% as the multinational retail chain reported that revenues rose 3.8% to $128 billion versus the previous year. Sales in Walmart’s US stores rose 4.5 percent, which corroborates with the latest data from the Commerce Department showing that retail sales in the U.S. increased by 0.5% during the month of July.
Despite reporting a loss of $861 million, Walmart has been adding grocery pickup to its US stores and recently expanded the program to more than 1,800 location.
“We’re continuing to aggressively roll out grocery pickup and delivery in the US and we recently announced expanded omnichannel initiatives in China and Mexico,” said Walmart Chief Executive Doug McMillon.
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