Walmart's Profitability Continues Keep Us on the Sidelines
Two themes stood out to us in wide-moat Walmart's fourth-quarter update. First, the company continues to see traction with consumers despite increased pressure from Amazon and other mass merchants, with U.S. comparable-store sales and e-commerce growth up 2.6%--including a 1.6% increase in traffic--and 23% respectively, which we think supports its intangible assets. Second, this growth is coming at the expense of margins, with gross margins falling 60 basis points to 24.1% due to the firm loweri...
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