Walmart (NYSE: WMT) on Thursday reported earnings which topped expectations and raised its outlook for the full year, building on the momentum in its core U.S. business and investments into grocery.
Earnings per share, adjusted, came in at $1.27 vs. $1.22 expected.
Revenue rolled in at $130.38 vs. $130.11 billion expected. Same-store sales: up 2.8% vs. 2.1% expected
Net income rose to $3.61 billion, or $1.26 per share, compared with a net loss of $861 million, or 29 cents a share, a year ago. Excluding one-time items, Walmart earned $1.27 a share, five cents better than expectations.
Total revenues grew 1.8% to $130.38 billion from $128.03 billion a year ago, beating expectations for sales of $130.11 billion.
In the U.S., net sales grew 2.9% to $85.20 billion from $82.82 billion a year ago.
Walmart is expected to have seen a boost this quarter thanks to Amazon’s 48-hour Prime Day event earlier in July, when Walmart offered similar deals to compete. One analyst estimated that during the event Walmart saw about 14% of the visits that Amazon did.
For fiscal 2020, the retail chain is now calling for adjusted earnings per share to range between a slight decrease to a slight increase, compared with a prior forecast that was calling for a low-single-digit percentage decline.
And it said same-store sales in the U.S. should fall toward the upper end of a prior range of 2.5% to 3% growth.
Shares vaulted $6.19, or 7.8%, to $113.39
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