Walmart Inc., the world’s largest retailer, has raised its full-year profit forecast for the second straight quarter. This was due to increased sales in the United States.
Grocery sales continued to grow in the second quarter, while General Merchandise remained weak but performed better than the company expected in early May, according to John David Rainey. said the chief financial officer (CFO). Increased demand from high-income customers also helped, with U.S. e-commerce jumping 24%.
“We’re gaining share and our value proposition continues to be well received for both value and convenience,” Rainey said in an interview after Wednesday’s earnings call.
Walmart stocks, S&P 500 stocks, Target stocks, Costco stocks, Kroger stocks
Source: Bloomberg
Walmart said it expects adjusted earnings of up to $6.46 per share for the full year ending January 2024. The previous forecast was for a maximum of $6.20. Market expectations are $6.28.
The outlook anticipates a negative impact of LIFO accounting of only 5 cents per share. Previously, it expected 14 cents.
Same-store sales in the U.S. division rose 6.4% in May-July. That was well above the average 4% growth forecast by analysts surveyed by Bloomberg. The company reported adjusted earnings of $1.84 per share. Analysts had expected $1.70.
news-rsf-original-reference paywall">Original title:Walmart Lifts Profit Outlook Again on Boost From US Shoppers (1)(excerpt)
2023-08-17 14:08:18
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