Consumer Staples
Discount Stores
$439.05B
333K
Key insights and themes extracted from this filing
Net sales increased by 6% to $57.331 billion in Q2 2024, and 6% to $114.048 billion in the first half of 2024. This growth is attributed to a 6% and 5% increase in comparable sales during the same periods, respectively, and the opening of 26 new warehouses.
Gross margin increased by eight basis points to 10.80% in Q2 2024, and 25 basis points to 10.86% in the first half of 2024. This improvement is mainly due to warehouse ancillary and other businesses, partially offset by increased 2% rewards.
SG&A expenses as a percentage of net sales increased by three basis points in Q2 2024 and 14 basis points in the first half of 2024. This increase is primarily driven by warehouse operations and other businesses, partially offset by central operating costs.