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Sam’s
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2023 Q2
16 Aug 22
gross margins were down as elevated markdowns, supply chain and fulfillment cost and a 70 basis point inflation-related LIFO charge pressured profitability.
As a result, operating income declined about 35%.
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2023 Q2
16 Aug 22
Walmart U.S.
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2023 Q2
16 Aug 22
SG&A expenses leveraged 21 basis points, reflecting higher sales and lower COVID costs, partially offset by the wage investments.
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2023 Q2
16 Aug 22
Transactions increased 1%, while average ticket increased 5.5%.
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2023 Q2
16 Aug 22
Food sales were especially strong with mid-teens growth while general merchandise sales were soft, particularly in electronics, apparel and home.
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2023 Q2
16 Aug 22
Operating income benefited from a favorable insurance settlement of $173 million during the quarter.
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2023 Q2
16 Aug 22
selling, general and administrative expenses leveraged 45 basis points, helped by higher sales partially offset by the U.S. wage investments implemented last year.
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2023 Q2
16 Aug 22
Consolidated gross margin rate decreased 132 basis points, reflecting increased markdowns and unfavorable mix shifts in our U.S. businesses.
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2023 Q2
16 Aug 22
We estimate that only about 15% of our total inventory growth in Q2 is still above optimal levels
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2023 Q2
16 Aug 22
We have also canceled billions of dollars in orders to help align inventory levels with expected demand.
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2023 Q2
16 Aug 22
about 40% of the year-over-year increase relates to inflation.
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2023 Q2
16 Aug 22
During the quarter, we also made progress reducing inventory, managing prices to reflect certain supply chain costs and inflation and reducing storage costs associated with the backlog of shipping containers.
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2023 Q2
16 Aug 22
In our stores and fulfillment and distribution centers, we have seen labor productivity metrics improve.
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2023 Q2
16 Aug 22
Private brand penetration has also inflected higher.
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2023 Q2
16 Aug 22
instead of deli meats at higher price points, customers are increasing purchases of hotdogs as well as canned tuna or chicken.
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2023 Q2
16 Aug 22
As the year has progressed, we have seen more pronounced consumer shifts and trade-down activity.
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2023 Q2
16 Aug 22
Sam’s Club in the U.S.
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2023 Q2
16 Aug 22
gross profit was pressured for the quarter on higher than normal markdown activity to clear through excess inventory.
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2023 Q2
16 Aug 22
We have reduced the number of shipping containers in our system, for example, by more than half from the Q1 level and are now much closer to our historical averages.
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2023 Q2
16 Aug 22