Walmart beats on earnings, thanks to the internet

Walmart’s third-quarter earnings topped what analysts’ had expected as traffic to America’s largest retailer increased, and online shopping grew.

The company said Thursday that its earnings per share was $0.98, two cents more than analysts’ estimate according to Bloomberg.

Comparable-store sales — at locations open for at least one year — rose by 1.2%, just shy of the forecast for 1.3%. Traffic to stores increased year-on-year.

“Our ecommerce growth accelerated, operations in the U.S. continued to strengthen and international delivered

another solid performance,” said CEO Doug McMillon in the earnings statement. Walmart in August agreed to buy Jet.com for $3 billion, the largest e-commerce deal in history, to boost its online shopping experience.

Cheaper groceries took out 0.15% from Walmart’s food sales. Expenses rose 9% as the company spent on this acquisition and increased its associates’ wages.

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