Walmart’s (WMT) stock is up 2% after the U.S. retail giant issued first-quarter earnings that surpassed Wall Street expectations and raised its full-year guidance.
The company said that its Q1 sales rose nearly 8% as its grocery business offset weak demand for clothing and electronics.
Walmart reported earnings per share of $1.47 U.S. versus $1.32 U.S. that was forecast by analysts who cover the company, according to Refinitiv data.
Revenue in the quarter totaled $152.30 billion U.S., which was ahead of forecasts for $148.76 billion U.S.
The company said it now anticipates that its net sales will rise 3.5% for all of this year, and that it expects earnings per share for 2023 of between $6.10 U.S. and $6.20 U.S.
Walmart noted that consumers are buying fewer discretionary items and waiting for promotions before making big purchases such as TV sets.
Still, same-store sales at Walmart rose 7.4%, excluding gasoline, in the latest quarter, while e-commerce sales increased 27% year-over-year.
Walmart’s stock has risen 22% over the last 12 months to trade at $149.53 U.S. per share.
