Walmart's plan to beat the Black Friday competition

Walmart (WMT) beat third quarter earnings estimates today, but the retailer still must prove that its turnaround is in place during the critical holiday shopping season. Walmart shares are down approximately 34% from their all-time high in January 2015.

Last year shoppers spent an average of $802 on holiday items including gifts, food and decorations, according to the National Retail Federation, and analysts expect holiday spending to increase overall this year.  However, retail research firm Conlumino surveyed shoppers and found that they expect to spend less on Black Friday weekend.

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Over the years, holiday deals have been pulled forward to Thanksgiving Day, which presents a problem for many stores.  Shoppers are often frustrated by the lines and crowds, and retailers face liability and supply issues from the frenzy.  Accordingly, Walmart is offering 96% of deals that are available in stores to its online customers.

Walmart’s Black Friday deals will commence online at 12:01 a.m. Pacific Time, Thanksgiving day, while deals in their physical stores will begin later in the day at 6:00 p.m. Some shoppers complain that the earlier opening impinges on the holiday spirit, but the company says it’s simply following customer directives.

"We're going to [open] at six o'clock again this year, like we did last year," says Steve Bratspies, Walmart's chief merchandising officer. "Last year we had record traffic of customers showing up, and they keep telling us that they're coming."