Walmart, Loblaw see sales and earnings growth in 2023 despite consumer concerns about inflation

Walmart and Loblaw both saw increases across most financial metrics, including big increases in e-commerce sales.
A Loblaw seafood counter featuring logos for the Marine Stewardship Council
A Loblaw seafood counter featuring logos for the Marine Stewardship Council | Photo courtesy of Loblaw
4 Min

Major international grocery chains Walmart and Loblaw saw increased sales revenue and operating income in 2023, posting strong performances despite consumer concerns about inflation.

Walmart International reported its total revenue increased 10.6 percent to USD 111.7 billion (EUR 108 billion) in FY 2024 – the full-year period ending 31 January. That total was boosted by USD 31.2 billion (EUR 28.8 billion) in revenue in Q4 – an increase of 13 percent year over year.

Walmart U.S. also saw its sales grow, increasing by 5 percent to USD 441.8 billion (USD 408.2 billion) and capped off by a 3.4 percent increase in Q4 to USD 117.6 billion (EUR 108.7 billion). Walmart-owned, membership-only warehouse outlet Sam’s Club also saw its sales grow to USD 86.2 billion (EUR 79.6 billion), marking a year-over-year increase of 2.2 percent. 

As for operating income, Walmart U.S. saw a 7.4 percent increase, rising from USD 20.6 billion (EUR 19 billion) to USD 22.2 billion (EUR 20.5 billion). Walmart International’s operating income also grew, rising 65.6 percent from USD 3 billion (EUR 2.7 billion) to USD 4.9 billion (EUR 4.5 billion) in FY 2024.

Across the multiple categories covered by the retail giant, Walmart’s e-commerce growth stood out, growing 44 percent internationally and 17 percent in the U.S. as more shoppers chose pickup and delivery options.

“We crossed USD ...

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