Consumers appear to have increasingly warmed up to Walmart in 2024.
Especially after the retail giant cut prices on more than 7,000 items in August in an effort to attract cash-strapped shoppers who are battling inflation and higher costs of living, Walmart (WMT) this year gained a leg up on its competitors in terms of sales and profit.
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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%.
Related: Walmart is quietly testing out a startling change in stores
The increased consumer interest prompted Walmart to raise its sales expectations for fiscal year 2025, as it is betting on a strong holiday performance. The company now expects its net sales to increase by 4.8% to 5.1%, compared to the previously predicted 3.75% to 4.75% growth.
Walmart's reveals New Year's hours
As Walmart prepares to benefit from record consumer spending this holiday season, the retail giant is opting to stand out from its competitors with its New Year’s plans.
Instead of closing its doors on New Year’s Day and limiting hours on New Year’s Eve, Walmart will be adhering to its regular store hours on both days. However, regular hours may vary depending on store location.
The move from Walmart comes at a time when its main rival, Target, is planning to remain open on New Year’s Day but will close at 9 p.m. on New Year’s Eve, earlier than its usual 10 p.m. closing time.
More retail hours:
- Is Home Depot open on New Year’s Eve and New Year's Day?
- Is Costco open on New Year’s Eve and New Year's Day?
- Is Starbucks open on New Year's Eve 2024 and New Year's Day 2025?
Aldi, another Walmart competitor, is even opting to open from 9 a.m. to 4 p.m. on New Year’s Eve and will be closed on New Year’s Day.
Even though Walmart will operate stores during regular hours for New Year’s, its warehouse club, Sam’s Club, will open at 10 a.m. on New Year’s Eve but close at 6 p.m., which is earlier than its usual 8 p.m. closing time. Sam’s Club will also be closed on New Year’s Day.
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