Walmart grew by $12 billion in one quarter

The American retail giant Walmart reported a record growth for the Q3/2022. With 8,8% Year on Year growth, the scale of the company resulted in a whopping $12,3 billion growth. The growth is even higher than the unprecedented pandemic induced growth quarters of 2020.

That is equivalent to growing by the yearly sales of one Kesko or one ICA. And Walmart recorded that growth in one (!) quarter.

The growth was driven mainly by the US business, which grew by $8,2 billion representing 64% of the total growth for Walmart.

Within the US business, grocery was the main driver of growth. According to the company by “mid-teens” numbers, whereas the General Merchandise categories grew by “low-single digits”.

Walmart has also noted that more affluent people have started to buy groceries from them. The economic impact of the inflation is skewing consumption from discretionary consumption to basic products such as food.

This is emphasised when one compares Walmart (8,8% growth) with 50% of revenue coming from food to Target (3,3% of growth), which is focused on non-food products.