Unlike Target, Walmart Is Still Dealing With 1 Big Pandemic-Prompted Problem
There's no denying Walmart (NYSE: WMT) is the big winner among retailers that have reported first-quarter earnings thus far. The company's top line improved to the tune of 7.6% last quarter, while rival saw its Q1 revenue roll in flat with year-ago levels. Home Depot reported a 4.5% year-over-year sales decline. No other store chain, in fact, has yet to show even similarly strong sales growth for the three-month stretch in question.
Home Depot, Target, and a handful of other names in the business were able to do something during the first quarter that Walmart hasn't yet fully achieved, however -- that is, get rid of last year's buildup of less-than-marketable merchandise.
The world in general and retailers in particular were optimistic about a slow exit from the COVID-19 pandemic last year. Most businesses were looking for a swell of spending in 2022, so much so that retailers loaded up on a huge amount of merchandise beforehand.
Source Fool.com
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