Walmart has a reputation as a more defensive retailer because it sells essentials such as food.
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Walmart
stock was rising Thursday after the retail giant posted first-quarter adjusted earnings and revenue that beat Wall Street expectations and raised its outlook for the fiscal year.
Walmart
(ticker: WMT) reported adjusted earnings of $1.47 a share on revenue of $152.3 billion. Analysts surveyed by FactSet were expecting adjusted profit of $1.32 a share on revenue of $148.9 billion.
U.S. same-store sales climbed 7.4%, ahead of analysts’ estimates of 5.5%.
“We had a strong quarter. Comp sales were strong globally with eCommerce up 26%,” Chief Executive Doug McMillon said in the earnings release. “We leveraged expenses, expanded operating margin, and grew profit ahead of sales.”
The retailer also raised guidance for fiscal 2024. The company now expects adjusted earnings of between $6.10 to $6.20 a share. Analysts surveyed by FactSet were expecting fiscal 2024 earnings of $6.14. Revenue for the year is now expected to increase about 3.5%.
Guidance for the current quarter was below consensus.
Walmart
said it expects second-quarter earnings of between $1.63 and $1.68 a share. Analysts surveyed by FactSet were expecting earnings of $1.71.
The stock rose 1.8% in premarket trading.
Prior to Walmart’s results, retail earnings season was off to a muted start.
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