The world's largest retailer pulls in more customers and online shoppers, boosting quarterly same-store sales more than expected. Fred Katayama reports.
Wal-Mart joins Home Depot in bucking the trend. Quarterly same-store sales rose more than expected. Driving those sales: more customers visited its stores. The world's largest retailer is benefiting from its investment to boost wages and better train its workers - moves that have resulted in better stocked shelves and cleaner stores that attract shoppers. Plus, online sales jumped 63 percent - more than double the increase in the previous quarter. Wal-Mart said its existing online operations powered that growth more than its acquisitions. It has been actively buying online retail companies like Jet.com and is now in talks with clothing retailer Bonobos. Wal-Mart's positive results come just after department stores like Macy's reported disappointing sales. Moody's analyst Charlie O'Shea said, "Given the current retail landscape with many retailers experiencing challenges across multiple categories, we believe Wal-Mart will continue to turn up the competitive heat by utilizing its scale and technological advantages to extract increased market share." Wal-Mart shares adding onto their nearly 9 percent gain this year at the start of trading.