Walmart blames the tech industry for sluggish sales
Walmart blamed the sluggish sales in part on the tech industry.
On a conference call Tuesday, executives said there haven't been many new and exciting tech products over the last couple years.
"Technology really relies on a lot of innovation to kick-start sales, and there hasn't really been much innovation in technology over the last year or two," Walmart Chief Financial Officer Charles Holley told reporters on Tuesday. "You have different versions of iPads and whatnot but it's nothing like when the iPhone came out."
The strongest categories for Walmart US last quarter, by comparison, included apparel, home, and seasonal items.
Weak tech sales also impacted Sam's Club in the third quarter, according to Rosalind Brewer, president and CEO of Sam's Club.
"Technology and entertainment was pressured during the period, led by a decline in wireless," Brewer said in an investor call Tuesday. "The industry shift to installment plans continued to negatively impact the category."
Sam's Club's net sales declined 2.2% in the most recent quarter.