Walmart beats on earnings as online sales surge
AP
America's largest brick-and-mortar retailer said US comp sales rose 1.8% versus a year ago, making for the 12th straight quarter with positive results.
Walmart continues to reap the benefits of its Jet.com acquisition. Gross merchandise volume in its e-commerce unit - the value of everything sold online - surged by 67% year-over-year.
The company announced adjusted earnings of $1.08 per share, edging out the Wall Street estimate by a penny. Revenue totaled $123.36 billion, surpassing the $122.84 billion that analysts were expecting.
Walmart said food categories delivered their strongest comp sales performance in five year, as food inflation boosted the performance by "approximately 30 basis points."
Walmart raised the lower end of its full-year adjusted earnings forecast to $4.30 to $4.40 a share after initially anticipating $4.20 to $4.40. Analysts were expecting $4.39.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- IndiGo places order for 30 wide-body A350-900 planes