Walmart stock was trading at $133.64 by 01:09 PM EDT.
With a new virtual fitting room, Walmart (NYSE:WMT) is making use of its recent technology investment once more in an effort to boost sales even as consumer discretionary spending faces greater pressure. As some customers cut back on their clothing purchases, Walmart is introducing a new tool that it hopes will encourage them to press the buy button. The technology is a result of the companys acquisition of Zeekit, a startup offering virtual changing rooms; it is the newest feature to be added to its website.
Customers may select a model with a similar body type, complexion tone, and hair color using the technology, which the retailer initially introduced in March. Later on, it increased from 50 to 120 models. Amazon offers a tool that employs augmented reality to let customers view how a shoe might look on its feet. Other stores have also dabbled with virtual try-on.
Q2 Earnings Beat Estimates, Walmart stock bullish
Walmart (NYSE:WMT) released its fiscal 2023 second-quarter results. Adjusted earnings per share for the company fell by one penny to $1.77 from $1.78 at the same time last year. The metric, though, was higher than the $1.60 Zacks Consensus Estimate. $152.9 billion in total revenues, an 8.4% increase, exceeded the average estimate of $151.4 billion.
Walmarts prediction for performance
As consumers buy less discretionary goods, the big-box retailer joined a growing list of businesses, including Target (NYSE:TGT) and Best Buy (NYSE:BBY), which have reduced their full-year profit outlooks. For the entire year, Walmart now anticipates adjusted earnings per share to fall between 9% and 11%. On Friday, Walmarts stock was slightly up.
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Author: Jowi Kwasu
Market Jar Media Inc.
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Vancouver, BC, Canada
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