Wal-Mart (NYSE: WMT) said its same-store sales for its U.S. locations climbed for the 13th-consecutive quarter, as the big-box retailer cited a bright spot in its food business and a boost from shoppers stocking up on hurricane supplies.
The Arkansas-based company on Thursday reported strong growth online, with e-commerce sales growing 50% in the fiscal third quarter. That's a slower pace than in the prior period when digital sales were up 60%, as Wal-Mart is beginning to lap its acquisition of Jet.com.
Wal-Mart also raised its full-year earnings expectations, taking an aggressive stance heading into the important holiday season
The retailer enjoyed earnings of $1.00 a share, excluding items, compared with a forecast profit of 97 cents per share. Revenue was $123.18 billion, versus an estimate of $121 billion. Same-store sales for U.S. stores, excluding fuel, climbed 2.7%, compared with an anticipated increase of 1.8%.
On a per-share basis, Wal-Mart reported net income of 58 cents, which was impacted by a $283-million charge to account for a likely fine related to a Foreign Corrupt Practices Act violation investigation that has been ongoing since 2012. Earnings, adjusted for non-recurring costs, came in at $1.00 a share.
Looking to the full year, Wal-Mart is calling for adjusted earnings per share ranging from $4.38 to $4.46 in fiscal 2018. That compares with analysts' forecast of $4.38 per share.
Shares in the retail giant jumped $5.17, or 5.8%, to $95.00, a new 52-week high and a far cry from the 52-week low of $65.28
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