Walmart (NYSE: WMT) has rallied in premarket trading Tuesday after the company topped consensus estimates in its third quarter.
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Walmart posted earnings of $1.50 per share on revenue of $152.8 billion, beating analyst expectations of $1.32 per share on revenue of $147.55 billion.
Walmart US comparable sales grew 8.2% year-over-year, while Sam's Club comparable sales increased 10%, with membership income up 8% and member count reaching an all-time high.
“We had a good quarter with strong top-line growth globally led by Walmart and Sam's Club U.S., along with Flipkart and Walmex,” commented Doug McMillon, president and CEO of Walmart.
“Walmart U.S. continued to gain market share in grocery, helped by unit growth in our food business. We significantly improved our inventory position in Q3, and we'll continue to make progress as we end the year.”
The company raised its full-year outlook, expecting consolidated net sales growth of around 5.5%, Walmart US comparable sales growth, excluding fuel, of approximately 5.5%, and a consolidated adjusted operating income decline of 6.5% to 7.5%, improving from the previous guidance of a decline of 9% to 11%.
In addition, adjusted earnings per share are expected to decline between 6% and 7%.
Walmart shares are currently up over 7% premarket, trading around the $148.35 mark.