Retailing giant, Walmart (NYSE: WMT) rose in trading on Thursday after the company reported Q2 adjusted earnings of $1.84, beating Street estimates of $1.71 per share. The company generated Q2 revenues of $161.6 billion, up by 5.4% year-over-year on a constant currency basis and ahead of consensus estimates of $160.22 billion. In the second quarter, the retailer’s comparable sales in the U.S. grew by 6.4%.
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Doug McMillon, Walmart’s President and CEO commented, “We had another strong quarter. They’re
shopping with us across channels — in stores, Sam’s Clubs, and they’re driving eCommerce, which was up 24% globally. We’re in good shape with inventory, and we like our position for the back half of the year.”
Looking forward, the management has raised its guidance for FY24 and now expects its net sales to rise in the range of 4% to 4.5% year-over-year while adjusted earnings are likely to be between $6.36 and $6.46 per share. In Q3, Walmart has projected its net sales to increase by 3% while adjusted earnings are anticipated to be between $1.45 and $1.50 per share.
Analysts remain bullish about WMT stock with a Strong Buy consensus rating based on 24 Buys and four Holds.
