Walmart (WMT) has been resonating pretty well with shoppers lately, especially after it recently slashed prices on more than 7,000 items across multiple categories to help ease the brunt of inflation.
Walmart revealed in its third-quarter earnings report for 2024 that its net sales in the U.S. increased by roughly 5% year-over-year, and its U.S. operating income, which is a company’s profit after subtracting operating expenses, spiked by about 9%.
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The increased momentum prompted Walmart to raise its sales expectations for fiscal year 2025 due to it betting on a strong holiday performance. The company now expects its net sales to increase by 4.8% to 5.1%, compared to 3.75% to 4.75% growth it previously predicted.
Walmart continues to break tradition with its Thanksgiving plans
Even as shoppers flock to Walmart to make purchases, the retailer has decided to continue to participate in a growing retail trend.
Shoppers at a Walmart store in Secaucus, New Jersey, US, on Tuesday, March 5, 2024.
Walmart announced it will close all of its stores in the U.S. on Thanksgiving Day — around 4,600 of them. The mega outlet is following in the footsteps of other retailers such as Target, Lowe’s and Costco who have all made the same decision.
Walmart didn’t start closing its stores on Thanksgiving Day, until about four years ago during the Covid pandemic. Prior to 2020, the last time it had closed its stores on Thanksgiving was in the late 1980s.
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“We know it’s been a trying year, and you’ve stepped up,” said Walmart U.S. CEO John Furner in a memo to employees in 2020. “We want you to enjoy the day at home with your loved ones.”
This will be the fifth year in a row the retailer decided to give employees the day off.
Furner also revealed that the idea to close stores on Thanksgiving Day came from a Walmart associate at a Texas store location.
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“Our best ideas come from our associates,” said Furner in the memo.
This year, shoppers can expect for Walmart to open its doors back up on Black Friday, Nov. 29, at 6 a.m. If consumers need to shop for groceries on Thanksgiving Day, some popular retailers who will remain open for limited hours include Kroger, Whole Foods, Sprouts Farmers Market, etc.
Walmart recently boosted wages for workers
Walmart’s decision to give its workers the day off on Thanksgiving Day comes after it recently boosted the yearly bonuses and wages it gives to its store employees.
In February, Walmart increased the average annual salary for its store managers to $128,000 a year, previously, it was $117,000. It also adjusted their annual bonuses to be as high as 200% of their salary.
Walmart also announced in June that it will offer its part-time and full-time associates, who have been with the company for at least a year, a financial bonus of up to $1,000 a year. The move came shortly after the retailer received criticism from several shareholders during its annual general meeting on June 5 for providing workers with low wages.
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