Walmart Extends Growth Streak
The Wall Street Journal listeners. Come from all walks of life and business and no matter what type of business urine eighty P is here to help you achieve what you're working looking for with. HR talent time benefits and payroll informed by data and designed for people learn more at design don ADP DOT COM Walmart continues. Its growth streak heading into the holiday shopping season. There's a lot aww pricing movements this time of year that can play a role but compared to some of the department stores specialty retailers struggles. We're seeing they're they're in a much stronger place. Kentucky's Republican governor concedes to his Democratic Challenger and Venice begins recovery after historic flooding. It's Thursday November fourteenth. I think this is the PM edition of what's News From The Wall Street Journal. I'm sorry for totally in New York. A sixteen sixteen year old boy killed two fellow students and wounded three others before shooting himself. A high school in Southern California. Today the shooting occurred as the day was starting at Saugus High School in Santa Clarita north of Los Angeles authorities say a sixteen year old girl and a fourteen year. Old Boy died after being transported to a nearby hospital. Spital Sheriff Alexander Villanueva said. The shooter was in grave condition and being treated at a local hospital for more on this developing story please head to our website site wsj.com or the WSJ APP House Speaker. Nancy Pelosi is calling president. Trump's decision to withhold aid from Ukraine gene bribery a term specifically mentioned in the. US Constitution as an impeachable offense. She spoke to reporters today day after. US Ambassador to Ukraine. Bill Taylor and senior State Department official. George Kent testified publicly for the first time. The devastating testimony corroborated evidence of bribery uncovered in the inquiry and the president abused power and violated his oath by threatening to withhold military aid and a White House meeting in exchange for an investigation into his political rival on a clear attempt to president to give himself the advantage in the twenty twenty election. President trump then has republican allies have rejected claims of improper pressure or quid pro quo with Ukraine more than thirteen million people tuned in to watch the first day of public impeachment hearings airings on Wednesday Fox News drew the most according to Nielsen with about two point. Nine million viewers Federal Reserve chairman. Jerome Powell testified for a second second day on Capitol Hill speaking to the House. Budget Committee Powell largely repeated testimony from Wednesday expressing optimism that the Fed's current policy stance would help the US overcome overcome headwinds including slower global growth and trade tensions but he did say the U. S. China trade dispute has contributed to declines in domestic manufacturing and more uncertainty not for business leaders. Republican governor. Matt Bevin has conceded Kentucky's gubernatorial race to his challenger Democrat. Andy Bashir Bevin had requested are- canvas and a formal review of county vote totals reaffirmed Beshir's roughly five thousand vote victory in last week's election the at cat. We believe in turning your ideas into outcomes whether you're growing growing your business building your savings or seeking that next equipment purchase. We are the bank for you. Bank like you visit cit dot COM member. FDIC WALMART is looking strong heading into the holiday season. The nation's largest retailer extended its growth streak in the latest first quarter marking a five-year run quarterly. Sales gains the earnings come on a significant day for Walmart as the company reopened. It's El Paso. Texas store were gunman. Allegedly Targeting Immigrants Killed Twenty two people back in August. Joining me now with more is Wall Street. Journal reporter Sara Nassauer. It seems it's like every quarter. We are hearing about strong growth from Walmart. President trump also took notice this time around on twitter. Sarah what can you tell us about the results. Well it's been now five years of quarterly sales growth in the US for wal-mart which is a pretty clear sign that they have so far whether the threat of Obama Zahn and the transition to online shopping well and that they appear to be taking market share from other folks as well and what were the major drivers of that growth in the latest latest quarter. Really you know Walmart's most of their sales and profit come from the US business stores business and they have been very very strong and fresh in grocery. That's a part of their business. They've really turned around and in part by offering something called online. Grocery pickup. Where you order online and then you go pick up in the parking lot and they bring it out to your car? That has been a big strength for them so so we are heading into the holiday season here. How do these numbers position Walmart compared to other retailers as we head into the busy time they're in a very strong position they have everything up to be able to let folks do things like orderonline pickup in stores? They've made investments that. Put them in a place to be able to grab some of that sales traffic ethic of course it remains to be seen how that plays out. There's a lot of pricing movements. This time of year that can play a role but compared to some of the department stores specialty retailers retailers and the struggles. We're seeing. They're they're a much stronger place. What about Walmart's performance overseas? How does that compare to here in the US? That was a little weak this quarter and we're seeing some economic economic weakness there. They have their as a unit in the UK that has continued to struggle a bit. They have operations and other parts of the world that are more exposed to economic weakness so this quarter we did see some sales drops in the international businesses. Sarah we got earnings from Walmart on on Thursday which also marks an important day for the company as it reopened a store in El Paso Texas. That was the site of deadly shooting over the summer. That left twenty two people dead read. The Wall Street Journal spoke to employees the majority of whom have decided to return to work there. What did we hear from them? And how is the community coping. You know a lot. A lot of the employees have returned. Want to return back to work or already have because the store they've been working in the store for the last few weeks to get ready for the opening and the company said that they really wanted to reopen it to get the community back on track. Get back to normal life. Give stability to their guests as well as their employees so the CEO Doug McMillan McMillan and the new head of stores. Furner were in El Paso this morning. Talking to guests and raising a flag for the reopening. How Walmart has a company addressing? What happened there? So today's the opening but the larger issue that the company has faced over the past few months since the shooting is due to the horrific nature and the the fact that it's now a walmart is location for one of the largest mass shootings in our history has put the company at the center of the gun debate and and they've made a series of announcements since the shooting in the most recent one saying you know that they're gonNA take out ammunition that can be used in semiautomatic rifles and handguns from stores. So not just guns with the ammunition as well and I think that this event will sort of has marked a changing point for the company in how they will handle Issues surrounding guns and their company in the future. So we'll see what that means but it is certainly an inflection point Wall Street Journal reporter Sara Nassauer joining me here in our studio in New York. Thank you so much Sarah. Thanks for having me. It's known for its Gondolas and waterways but Venice Italy was inundated with historic flooding. This week. Water rose more than six feet need above its normal level flooding peaked early Wednesday falling just a few inches below. The highest watermark ever recorded in the city back in nineteen sixty six shops restaurants Frantz and the iconic Saint Mark's basilica were all impacted. Our Eric Silvers was there. The damages as you can imagine are incredible and I had one person who described did like if you have an x Ray And everything looks fine. But maybe your bones are decaying and you don't know it if you were to walk down the street in Venice you know you see people Upside sad cleaning their shops. And so on. But it's not like you know walking down the street after an earthquake when you see buildings crumbling. This is sort of the innards of restaurants and homes are decaying hang and getting ruined and so on. Venice endures flooding nearly every fall. But some say the situation is becoming more dire sea levels rise. We have pictures and video the city up on our website W._S._J.. Dot Com and. That's what's news for this Thursday afternoon. I'm Marie for tolley for the wall. Street Journal thanks for listening.