Walmart's holiday season 'wasn't as good as expected'
Walmart, America's largest retailer, reported subpar holiday sales Tuesday, reflecting a weak holiday shopping season for the brick-and-mortar retail industry.
Posted — UpdatedSales at stores and websites open for at least one year — a key measure of the retailer's health— increased only 1.9% during its final quarter of 2019. That included a 35% spike in online sales. Walmart was hoping for a better performance.
"In the few weeks before Christmas, we experienced some softness" in toys, video games and clothing, Walmart chief financial officer Brett Biggs said in a news release. The holiday "wasn't as good as expected," he said.
The shorter holiday season last year also contributed to the slowdown, according to Walmart. There were six fewer days this year between Thanksgiving and Christmas than last year.
The company missed Wall Street's expectations for sales and profit, sending shares of Walmart down slightly in pre-market trading. Heading into Tuesday, Walmart's stock has rallied 19% over the past 12 months.
Walmart and Target have been two of the strongest traditional retailers in recent years, weathering the rise of Amazon and the shift to online shopping that has upended the retail industry. But Target also had a disappointing holiday.
Like Target, however, Walmart on Tuesday said that it expected a strong 2020.
"The new year has started off well, and we look forward to another strong year," CEO Doug McMillon said in the release.
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