updated - June 2, 2020 Tuesday EDT
After seven whole quarters of disappointing sales, Wal-Mart makes a comeback as it reported increasing sales in its U.S. stores, but the retail store remains "cautiously optimistic" as it preps up for the most important season of the year, the holidays.
Thanks to lower gas prices, people who haven't had the luxury to buy things beyond necessity have deeper pockets and more money to spend.
Aside from that, WalMart said that the Halloween and back-to-school events helped lift the company's sales.
Still, WalMart is carefully calculating its steps as it expects to face other challenges this holiday season.
The retail giant would have to go head-to-head with other retailers in the most competitive holiday season of the year, and executives admitted that a lack of hot gadgets and electronics in their shelves could be problematic as entertainment electronics contribute a big chunk in their sales.
Furthermore, Greg Foran, Wal-Mart's U.S. Chief Executive said that the company "still has a lot of work to do" to improve its business, which is currently facing increasing competition from online giants like Amazon.com.
Wal-Mart is gearing up for the holidays and putting up strategies in order to have a headstart against its competitors.
The company is offering week-long Black Friday deals in order to attract more shoppers even before the highly anticipated online shopping spree day comes. Also, WalMart is cutting the prices of its 20,000 items starting Nov.1.
Wal-Mart is also pricing its items similar to Amazon.com and other online retailers to creative a competitive market.
Walmart is planning a turnaround after lowering its sales forecast this year, and what best way could they do that than the busiest shopping season of the year, the holidays.
The world's largest retailer said that its online deals will commence just after midnight on Thanksgiving Day, and will include huge discounts on 3,700 more items including gadgets like TV sets and Apple iPhones.
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