Walmart reported
better-than-expected quarterly earnings and revenue and raised its full-year guidance, expecting a 3.5% rise in net sales and adjusted earnings per share of $6.10-$6.20
. Walmart's successful grocery division helped to make up for declining sales of apparel and electronics.
- In contrast to expectations of $148.76B, quarterly sales came in at $152.30B.
- Online sales at Walmart U.S. increased 27% YoY, while same-store sales increased 7.4%, fuel excluded.
- The corporation noticed a shift away from general products and towards groceries and necessities, with increased sales of food and consumables.
- Target's e-commerce growth lagged behind that of Walmart, which surpassed it thanks to curbside pickup and home delivery.
- A short time after Wall Street's opening on Thursday, Walmart shares were up 2.1%.