Walmart gains market share

Photo: The Canadian Press

Walmart Stores Inc. says its Canadian stores gained market share against rivals during its fiscal second quarter.

"We further improved our price position against competitors, which contributed to market share gains in key traffic driving categories such as food and consumables," Walmart chief financial officer Brett Biggs said in remarks prepared for analysts during a conference call to discuss its most recent results Thursday.

"Inventory was also a focus, as the team reduced overall levels, even as sales increased."

In Canada, Walmart's biggest competitors in the food segment are the major domestic grocery chains owned by Loblaw, Empire and Metro, and the Canadian arm of Costco.

Walmart Canada's comparable-store sales rose 2.5 per cent, trailing only the Mexican arm's 7.2 per cent growth and ahead of the United States (1.8 per cent), United Kingdom (1.8 per cent) and China (0.6 per cent).

Overall revenue for the three months ended July 31 climbed to $123.36 billion, from $120.85 billion. Walmart's international revenue was down 1.5 per cent at $29 million, due to divestitures.

Walmart's online sales surged 60 per cent. The results beat the $122.71 billion that analysts surveyed by Zacks Investment Research were looking for.