Walmart (WMT) revenue Q2 2022

A mask buyer makes a purchase at a Walmart store in Hallandale Beach, Florida on May 18, 2021.

Joe Raedle | Getty Images

Walmart’s second-quarter earnings exceeded Wall Street’s expectations on Tuesday as the retail giant gained ground in its grocery store and got off to a strong start to back-to-school sales.

The discounter also tightened its forecast for the year and now expects earnings per share between $ 6.20 and $ 6.35. It said it expects Walmart US sales in the same store to grow 5 to 6%, excluding fuel.

CFO Brett Biggs said in an interview with CNBC that when customers “came out of hibernation” flocked to stores to purchase items like luggage, party supplies and clothing. Also, he said, families have bought backpacks and classroom items.

CEO Doug McMillon said in a press release that the company had gained more market share in the food sector, one of its core businesses. He said it made strides in new areas too, adding thousands of online sellers to its third-party marketplace and nearly doubling ad sales in Walmart US in the quarter year over year.

According to Refinitiv’s consensus estimates, for the second fiscal quarter ended July 31, the company reported the following:

  • Earnings per share: adjusted $ 1.78 versus an expected $ 1.57
  • Revenue: $ 141.05 billion versus an expected $ 137.17 billion

Walmart reported net income from $ 6.48 billion, or $ 2.27 per share last year to $ 4.28 billion, or $ 1.52 per share. With no items, the company made $ 1.78 per share. According to Refinitiv, analysts expected Walmart to make $ 1.57 per share.

Total revenue increased 2.4% to $ 141.05 billion from $ 137.74 billion a year ago, surpassing it Wall Street expects $ 137.17 billion.

According to a StreetAccount poll, Walmart’s US revenue rose 5.2% in the US, higher than analysts’ forecast 3.3% increase. Over the past two years, the retailer said its sales in the same store rose 14.5%. In the same period, US e-commerce sales doubled – with a 6% growth in digital compared to last year.

Walmart subsidiary Sam’s Club sales in the same store rose 7.7% excluding fuel – more than the 3.7% growth forecast by analysts.

Customers also shopped differently in the quarter than they did a year ago as they frequented the Walmart store and website. Transactions in Walmart US were up 6.1% and average tickets were down nearly 1%.

This story evolves and is updated.

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