Wal-Mart shares soared yesterday (up 10.9%) after the company reported its best sales in years. Sales at existing stores rose 2.7% in the latest quarter—the 13th consecutive quarter of gains and the fastest since May 2009. Wal-Mart is making an aggressive push online. Online sales are up 50% over the last year.
The WSJ has more.
The world’s biggest retailer posted its strongest quarterly U.S. sales growth in nearly a decade Thursday, boosted by a big jump in e-commerce and strong store traffic at a time when many traditional retailers are struggling to keep their business growing.
Shares jumped more than 8% in morning trading Thursday, setting an all-time high. The company’s share price has rallied 41% so far this year, much of the gains coming since October after Wal-Mart said it would grow profits and sales in its 4,700 U.S. stores as well as online.
“I can tell you we’ve got plenty of work to do still in our stores. But I’m pleased with the momentum and pleased with the plan we have in place,” said Greg Foran, chief executive of Wal-Mart U.S., on a conference call with reporters.