While other retailers are taking a more cautious approach to expectations, Walmart is more optimistic.
And with good reason. The country’s largest retailer lifted its outlook after a strong third quarter in statistics it reported this week. The numbers left Walmart officials confident it will have a strong holiday shopping season.
The Associated Press reported that Walmart Inc., based in Bentonville, Ark., said it will transfer the listing of its common stock to the tech-heavy Nasdaq from the New York Stock Exchange. It expects its common stock to begin trading on the Nasdaq Global Select Market on Dec. 9, under the same ticker symbol “WMT,” according to the AP.
CEO Doug McMillon, who announced last week he plans to retire early next year, has reshaped Walmart itself as tech-powered retail giant that has leaned heavily into automation and artificial intelligence.
John Furner, 51, the head of Walmart’s U.S. operations, will take over on Feb. 1, the day after McMillon’s retirement becomes effective.
Walmart’s performance serves as a barometer of consumer spending given its size and vast customer base, according to the AP report. The company maintains that 90% of U.S. households rely on Walmart for a range of products, and more than 150 million customers shop on its website or in its stores every week.
“We’re gaining market share, improving delivery speed, and managing inventory well, McMillon said in prepared remarks, according to reports. “We’re well-positioned for a strong finish to the year and beyond that.”
According to the AP report, third-quarter profits rose to $6.14 billion in the quarter ended Oct. 31. Sales rose nearly 6% to $179.5 billion, also exceeding the expectations of most analysts.
