Walmart, the nation’s largest retailer, surpassed sales and earnings estimates by Wall Street analysts. It raised its full year earnings outlook. Walmart US saw a huge rise in e-commerce sales and also reported some improvement in high end and discretionary items sales in this quarter.
After reporting better than expected results in the second fiscal quarter, Walmart announced that it is expecting its full fiscal year consolidated net sales to see an increase by about 4 percent to 4.5 percent. It also said that its adjusted earnings per share for the full year would be between $6.36 and $6.46.
Walmart’s prior guidance for the full year was a consolidated net sales gains of 3.5 percent. It had forecast adjusted earnings per share between $6.10 and $6.20.
Walmart reported the following results for the quarter ending July 31 and its revenue and earnings per share were higher than analysts. According to consensus estimates from Refinitiv the expected earnings per share was $1.71 but Walmart reported a higher earnings per share adjusted of $1.84. Analysts had estimated a revenue of $160.27 billion while Walmart posted a higher revenue of $161.63 billion.
Walmart has also posted higher results year-on-year. In the same quarter last year Walmart posted a net income of $5.15 billion or $1.88 per share, while the second fiscal quarter in 2023 had a net income of $7.89 billion or $2.92 per share. The big box retailer saw a 53 percent rise in this fiscal quarter.
Other increases in the second quarter by the big box retailer included the following:
Same store sales, excluding fuel, rose by 6.4 percent in the second quarter year-on-year. This was higher than expected as FactSet had estimated a 4.1 percent increase.
Sam’s Club same-store sales, excluding fuel, rose by 5.5 percent, in line with the expectations of analysts.
E-commerce sales of Walmart U.S. rose by 24 percent.
Walmart’s grocery division continues to propel sales and its private brands that cost less are spurring growth. Limited time deals called rollbacks have been popular. The big box retailer also said that inventory was down by 5 percent when compared with the second quarter a year ago. Back-to-school sales have been strong and this is a general indication that holiday sales could be strong as well.
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