BENTONVILLE, Ark.–Walmart Stores reported a fourth quarter sales increase offset by a net income decline, as pockets of the home business gained traction from increased nesting among its shoppers.
For the fourth quarter ended Jan. 31, net sales rose 1.7 percent to $107.99 billion from the year ago quarter.
Comp-store sales at Walmart U.S. rose 2.8 percent
Net income in the quarter dipped 4.4 percent to $3.79 billion.
Without a litigation settlement charge and the effect of unfavorable currency exchange rates, income from continuing operations would have been positive on a comparable basis, the company said.
“There is one major behavior change we’ve seen during the past year that has had a significant impact on our home business,” Eduardo Castro Wright, chief executive officer of Walmart U.S., said during a conference call.
“Families are definitely eating more at home,” Castro Wright said. “While we expect this to have a positive impact on grocery, we also have seen increased comps in home categories for cooking, dining and entertaining at home.”