Walmart raises guidance again on third-quarter earnings rise

Walmart raised its annual outlook again on Tuesday, citing a "strong" third-quarter performance.

Walmart raises guidance again on third-quarter earnings rise

The retailer reported revenue of $169.59 billion for the quarter ending October 31, a 5.5% increase from $160.80 billion a year earlier. Net income soared to $4.71 billion from $643 million, while net sales rose 5.5% to $168.00 billion, supported by additional revenue from memberships. Basic net income per share jumped to $0.57 from $0.06 last year. “We had a strong quarter, continuing our momentum,” said CEO Doug McMillon. “In the US, in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster. Our teams are delighting customers and members with the value and convenience they expect from Walmart.” Sales in Walmart US grew by 5.0%, while International sales climbed 8.0%, reflecting growth in markets like Canada, China, India, and Mexico.

Positive outlook

Looking ahead, Walmart projects full-year net sales growth of 4.8% to 5.1% at constant currency, up from its August forecast of 3.8% to 4.8%. This marks a further improvement from earlier guidance of 3.0% to 4.0% growth. Adjusted earnings per share are now expected between $2.42 and $2.47, up from prior forecasts of $2.35 to $2.43, and earlier projections of $2.23 to $2.37. For fiscal 2024, Walmart reported revenue of $648.13 billion, net sales of $642.64 billion, and an adjusted EPS of $6.65.