Walmart's refresh is inviting in a new wave of customers, according to the company's C-suite.
"I'd say this is not your grandfather's Walmart," Walmart CFO John David Rainey told Yahoo Finance on Thursday moments after the company shocked Wall Street with aThat looks to be a fair assessment when comparing the second quarter results from Walmart and Target.and apparel and warned about lost profits from retail crime, Walmart is spinning a completely different story.
It's a story of a more expansive selection of groceries in stores and products online powering strong sales. It's a story of a retailer keeping prices low during a long stretch of inflation and cash-strapped consumers noticing the relative price gaps versus Target and traditional grocers. It's also a story of a retailer that has regained its operational mojo, with tighter control around expenses and inventory thanks to a veteran CFO like Rainey.
A boy and his father walk through the toy section of Walmart on Black Friday, a day that kicks off the holiday shopping season, in King of Prussia, Pennsylvania, U.S., on November 29, 2019. REUTERS/Sarah Silbiger. All in all, these factors drove a striking performance differential between Walmart and Target in the second quarter:Target comparable sales: -5.4%Walmart lifted full-year EPS guidance to $6.36 to $6.46 from $6.10 to $6.20"We're a different company than we were five or 10 years ago," Walmart's Rainey continued. "Historically, our value proposition has been known for everyday low prices and for providing that value for customers.
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