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SENSOR TOWER · SEEMA SHAH · MAY 2024
MMM: Walmart 1Q FY25 Advertising Network Trends; Home Depot and Lowes User Growth Trends
Walmart's strong e-commerce and advertising growth drove 1Q FY25 earnings, supported by Sensor Tower data on customer activity. Home Depot's 1Q24 results were impacted by a slow spring start and macroeconomic pressure, affecting spending on big ticket items, however paid downloads increased during its Spring Black Friday event.
Key Takeaways:
Walmart’s 1Q FY25 EPS and revenue exceeded street estimates, driven by strength in its e-commerce and advertising businesses. Walmart’s CFO noted that customers are returning more frequently than they have before, which was directionally in line with ST data
Per ST data, Walmart power users (those opening the app +15 days/month) in the US increased 26% YoY in 1Q FY25, vs 23% on Shein, -8% on Target and -2% on Amazon through the same period. This may suggest more regular interaction and possible purchase activity on the Walmart app as return users are more likely to make purchases than those who seldom use an app
Per ST data, impressions served via Walmart’s retail media network (Walmart Connect) in the US soared 130% YoY in 1Q24, which may suggest an uptick in advertiser activity on its ad network. The Shopping vertical garnered the most impressions on Walmart’s RMN, representing 64% of total impressions in the US in 1Q24, up 20pps YoY
CPG was the second largest vertical on Walmart’s RMN by overall impressions in 1Q24, representing 25% of total impressions, down from 34% in 1Q23. Understanding the makeup of impressions by advertiser verticals on Walmart’s RMN is critical to properly assessing which types of advertisers are leveraging the network and ultimately driving its performance
Home Depot’s 1Q24 reported revenue and comparable store sales were down 2.3% and 2.8%, respectively, pressured by the macroeconomic environment as well as the delay in spring weather
Online sales grew 3% YoY, inline with ST download growth of 3% YoY for the Home Depot app in 1Q24, while active users increased nearly 10% YoY
Per ST data, Home Depot app paid downloads increased 23% YoY and comprised just over 4% of total downloads, the third highest in the cohort after Harbor Freight Tools (8.4%) and Menard’s (5.4%)
By channel, Home Depot spent 35% of its FY1Q24 US ad spend on Facebook, followed by 23% and 18% for desktop display and Instagram, respectively
For more information, request the full report from reports@sensortower.com.
