Wal-Mart's investments increase efficiency, but profitability is constrained; shares fairly valued
Wal-Mart’s third-quarter results gave us further clarity on the company’s various moving pieces within its e-commerce and in-store strategies that have been on display over the past few years. The focus remains on its robust 50% e-commerce growth this quarter, which positively affected its U.S. 2.7% comparable-store sales by 80 basis points (boosted 30-50 basis points from the hurricanes). The second focal point, in our view, was the low-single-digit comparable-store sales increase in food (unqu...Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the U.K. The company's operations are conducted in three reportable segments: Walmart U.S., which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com.
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