) raised its sales and profit forecasts on Thursday for a second time this year, as Americans kept flocking to its stores for inexpensive essentials, sending its shares soaring.
The company noted that higher-income customers, especially those earning over US$100,000 annually, significantly contributed to sales of home furniture, appliances, clothing, and toys, leading to broad market-share gains in these categories. Walmart’s heft in grocery has largely shielded it from some broader economic pressures.
Third-quarter sales in the company’s production and precision agriculture segment, which includes larger farm equipment, fell 25 per cent to US$5.1-billion due to lower shipment volumes, but were partially offset by price realization. “Inventory digestion is complete and we’re now returning to a more normalized demand environment,” CEO Chuck Robbins said on an analyst call.
The company expects to ramp up output to approximately 11,000 barrels per day in the coming weeks and to maintain this production rate for the rest of the year. The Nong Yao development holds nearly 10 million barrels in proved crude oil reserves, according to estimates on Valeura’s website. Revenue at the firm’s domestic e-commerce arm fell 1 per cent even as the number of purchasers and their purchase frequency increased order growth by double digits.
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