Sam’s Club’s same-store sales growth has outstripped that of Costco in the second quarter of this year, according to Bloomberg.
Sales at Sam’s Club stores that have been open for at least a year grew by some 6% in the second quarter, compared to just under 5% for Costco locations, the news site reported.Walmart stock was trading flat on Monday.
Sam’s Club’s $1.38 hot-dog-and-soda combo has proven to be a hit with consumers, according to parent company Walmart.But for the last nine quarters, it reported positive sales growth in almost every category it sells in the US, a period that included the pandemic, Piper Sandler analysts said in a research note.Getty Images
Sam’s Club, a business unit of Walmart with $84 billion in yearly revenue, has posted 12.7% average annual comparable sales growth since McLay took over the division,McLay, a 49-year-old Australian considered a star within Walmart’s ranks, will take over the international division on Sept. 11, succeeding Judith McKenna, who is retiring after 27 years with the company.
Retailers have seen their balance sheets come under pressure due to high levels of inflation — a far cry from the free-spending days of the pandemic.
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