The most popular brands of washing machines on Walmart.com and its sister site Walmart.ca have all received a boost in sales since Donald Trump took office.
The sales figures for the new President’s first 100 days on the job came as he unveiled plans to cut spending and boost economic growth.
Trump, who is also president of Walmart, said he would seek to cut taxes on business and create a “fair tax system” to spur economic growth in a post-election tweet.
The latest Walmart results are a good sign, but we will see what happens with the new tax bill, said Steve Martin, president of the Retail Council of Canada.
The economy is stronger now than it has been in nearly a year, but Trump still doesn’t have the backing of House Republicans.
The Commerce Department on Wednesday said that the average price of a washing-machine has climbed 9.3 percent in the past year, after falling 6.5 percent in 2016.
Walmart.com saw its sales rise 6.2 percent in 2017, the biggest gain since 2010, according to data compiled by Bloomberg.
Wal-Mart.com reported an average profit of $2.76 per share, compared with $2 per share in 2016 and $1.96 per share a year earlier.
The company reported a net loss of $5.1 billion in the first three months of 2017, including a $1 billion loss in the third quarter.
In an earnings call last week, Walmart Chief Financial Officer Tom Roesler said that “we remain focused on delivering great value for our shareholders and our customers” and will “continue to do everything we can to grow our business, strengthen our brand and build a stronger future.”
The retailer said it expected its operating profit to grow between 8.2 to 9.8 percent this year and 10.2 and 10 percent in 2018.
WalMart.ca saw its average price rise 7.2 per cent in the fourth quarter, and sales rose 6.1 per cent.
The company reported an operating loss of about $1,600 million, compared to $1 million in 2016, and $624 million in 2017.
The news comes a day after the president promised to lower taxes on the rich and corporations to help them “pay down the national debt.”