WalMart (NYSE: WMT) on Thursday reported quarterly earnings and sales that topped analysts' expectations, as more shoppers flocked to its stores and spent more per trip, and e-commerce sales ticked higher than previous quarters.
The retailer said it had the strongest growth in more than a decade at those stores open for at least 12 months, thanks to robust sales in its grocery and apparel departments, both of which WalMart has poured money into to compete with the likes of Amazon (NASDAQ: AMZN) and Kroger (NYSE: KR)
Adjusted earnings per share for the retailer came in at $1.29 vs. $1.22 expected by analysts. Revenue was $128.03 billion vs. $125.97 billion expected
Same-store sales in the U.S. increased 4.5% vs. an increase of 2.4% expected.
WalMart said U.S. online sales climbed 40% during the quarter and the company is still anticipating an increase of 40% for the full year. In prior quarters, WalMart's digital sales growth had moderated somewhat from a 50% jump logged in the third quarter of last year.
WalMart reported a net loss for the quarter ended July 31 of $861 million, or 29 cents a share, compared with net income of $2.9 billion, or 96 cents a share, a year ago. Excluding one-time items such as a loss related to the sale of a majority stake in WalMart Brazil, WalMart earned $1.29 per share, seven cents ahead of analysts' expectations.
Shares in the retail behemoth ballooned $9.06, or 10%, early Thursday morning to $99.28
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