Walmart Hikes on Q3 Figures

Walmart Inc. (NYSE: WMT) came out with third-quarter financial figures Thursday morning.

The retail giant, out of Bentonville, Arkansas reported total revenue was $128.0 billion, an increase of $3.1 billion, or 2.5%. Excluding currency, total revenue was $129.0 billion, an increase of $4.1 billion, or 3.3%.

Net sales at Walmart International were $29.2 billion, an increase of 1.3%. Excluding currency, net sales were $30.2 billion, an increase of 4.8%. The inclusion of Flipkart and strength in Walmex and China were partially offset by softness in the U.K.

Net income for the period ended Oct. 31 grew to $3.29 billion, or $1.15 a share, compared with $1.71 billion, or 58 cents per share, a year ago.

Excluding one-time charges, Walmart earned $1.16 per share, topping expectations for $1.09,

The company said e-commerce sales were up 41%, thanks to “strong growth” in online grocery. A year ago, they surged 43%. Last quarter, Walmart’s online sales were up 37%. The company has been calling for U.S. e-commerce sales growth of 35% for the year, which would be slightly less than what it logged in fiscal 2019.

CEO Doug McMillon remarked, "We continue to see good traffic in our stores. We’re growing market share in key food and consumables categories, including fresh."

Looking to the full year, Walmart now expects adjusted earnings per share for fiscal 2020 to "increase slightly" compared with last year. Previously, it was calling for adjusted earnings per share to range between a slight decrease to a slight increase.

WMT shares began Thursday up $3.05, or 2.5%, to $124.09