US supermarket giant Walmart has posted a fall in profits, missing analysts’ expectations, and a drop in sales at its UK supermarket, Asda. Walmart reported net income of $3.48bn (£2.2bn) in the three months to July, down from $4.09bn a year earlier. Asda said like-for-like sales were down 4.7% in the period compared with last year, because of tougher competition. The quarterly report is the worst to date for Asda under Walmart’s ownership.
Walmart sales at stores open for more than a year increased by 1.5% in the period, while revenue was $120.2bn, roughly unchanged compared with a year earlier. Chief executive Doug McMillon said: “We’re pleased that the investments we’ve made are helping to improve our business. Even if it’s not as fast as we would like.”
Walmart said its fall in profit was due to increased investment in staffing – including more worker hours on the shop floor. It also cited weaker profit margins in its US pharmacy business.
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