Walmart's Sam's Club Sales Rise 2.9%: Will the Growth Accelerate?

Walmart Inc. WMT Sam’s Club U.S. delivered steady performance in the fourth quarter of fiscal 2026, supported by strong transaction growth and continued digital adoption. While the headline sales increase appeared modest, underlying metrics pointed to solid member engagement and operational discipline.

The segment reported fourth-quarter net sales of $23.8 billion, up 2.9%. Excluding fuel, net sales increased 4% to $21.7 billion, with comparable sales, excluding fuel, also rising 4%. Growth was driven by higher traffic, as transactions, excluding fuel, increased 5.3%, while the average ticket, excluding fuel, declined 1.3%. Sales strength was led by grocery and general merchandise, and Member’s Mark grew at a high single-digit rate.

Digital remained a key contributor. Sam’s Club U.S. e-commerce sales grew 23% and contributed nearly 380 basis points to comparable sales excluding fuel. Club-fulfilled delivery represented about 40% of e-commerce sales growth, and club-fulfilled express delivery sales increased 80% during the quarter. Express delivery is now offered to 60% of U.S. households in less than three hours.

Membership trends also supported results. Membership fee revenues increased 6.1%, reflecting growth in member counts, renewal rates and Plus members. Operating income rose 3.8% to $596 million. Inventory increased 1.6%, remaining below the rate of sales growth, with inventory turns and seasonal sell-through described as healthy.

The quarter’s 2.9% sales growth reflects a business increasingly shaped by transaction gains, digital penetration and membership strength. With traffic up 5.3%, excluding fuel, and e-commerce growing 23%, Sam’s Club’s next phase of growth will likely depend on sustaining these drivers while continuing to scale its club-fulfilled delivery capabilities.

What the Latest Metrics Say About Walmart

Walmart, which competes with Costco Wholesale Corporation COST and Target Corporation TGT, has seen its shares rally 31.1% in the past year compared with the industry’s growth of 30.1%. Shares of Costco and Target have declined 3.4% and 5.8%, respectively, in the aforementioned period.

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From a valuation standpoint, Walmart's forward 12-month price-to-earnings ratio stands at 44.1, higher than the industry’s 39.8. The company is trading at a premium to Target (with a forward 12-month P/E ratio of 14.53) while trading at a discount to Costco (33.91).

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The Zacks Consensus Estimate for Walmart’s current fiscal-year sales and earnings per share implies year-over-year growth of 4.6% and 8.7%, respectively.

Walmart currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Target Corporation (TGT): Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

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