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here is really three things that I would say in order of magnitude that contributed to about, call it, two-thirds to 75% of that.
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2023 Q2
16 Aug 22
132 basis point decline overall in gross margins.
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2023 Q2
16 Aug 22
As we look into the third quarter, I would say it’s home electronics and apparel are probably the areas that stand out the most.
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2023 Q2
16 Aug 22
the inventory issues were most acute in apparel in the second quarter.
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2023 Q2
16 Aug 22
$1.5 billion of inventory that if we can just wave a magic wand, we would make go away today.
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2023 Q2
16 Aug 22
I can’t remember a business with the margin structure of the advertising business here at Walmart and having 30% growth for the quarter was nice to have.
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2023 Q2
16 Aug 22
PhonePe, after a very brief history, is already roughly two-thirds of the size of that and what is going to be the largest market in the world in a very short period of time.
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2023 Q2
16 Aug 22
our guidance for the back half really just assumes no change in what we’re seeing in the second quarter in terms of mix changes in our business.
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2023 Q2
16 Aug 22
For those that are under the most pressure, that are most price-sensitive, private brands are stronger, pack sizes are different.
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2023 Q2
16 Aug 22
Units did strengthen throughout the quarter, particularly in July and late July.
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2023 Q2
16 Aug 22
what we want to do and what we try to do throughout this entire period is go up as late as possible.
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2023 Q2
16 Aug 22
a portion of it has been markdowns and a portion of it is actually inventory reserve
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2023 Q2
16 Aug 22
apparel to be more difficult than what we anticipated, and that’s where the dollars markdown pressure came from.
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2023 Q2
16 Aug 22
late Q2, early Q3 was traffic count was a bit stronger than what we have seen in the businesses in 2 months.
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2023 Q2
16 Aug 22
as it relates to the end of the quarter, there were several things going on. Fuel prices started to move a little bit. Back to school was strong. And then this income phenomenon that you pointed to also provided some strength to the last week or so of the last month of the quarter, which was a little different than the pattern that we had seen in the first 2 months of the quarter.
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2023 Q2
16 Aug 22
In Walmart U.S. business, we have seen mid- to higher income customers come to Walmart looking for value
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2023 Q2
16 Aug 22
Contributing factors to the better performance included strong sales at the end of the month with good flow-through to the bottom line and lower-than-expected supply chain cost.
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2023 Q2
16 Aug 22
Higher fuel prices also pressured our supply chain expense.
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2023 Q2
16 Aug 22
Grocery sales mix increased nearly 300 basis points, whereas general merchandise sales mix decreased more than 350 basis points. This resulted in additional general merchandise markdowns in our U.S. business, particularly in apparel
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2023 Q2
16 Aug 22
Walmart U.S. food inflation was up double-digits year-over-year and we saw a nearly 400 basis points step up as the quarter progressed compared to levels at the end of Q1.
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2023 Q2
16 Aug 22