Walmart reported first-quarter profits that were better than expected, unlike several other department stores that struggled to gain ground.
America’s largest retailer earned $0.98 in adjusted earnings per share, beating the forecast for $0.88 according to Bloomberg.
Its revenues totaled $115.9 billion, more than the $113.3 billion expected.
Walmart shares surged as much as 9% in pre-market trading after the results crossed.
“We are pleased to see the U.S. comp result, strong performance outside the U.S., membership trends in Sam’s Club and EPS results versus guidance,” said CEO Doug McMillon in the earnings statement.
“In addition, we are focused on building the ecommerce capabilities we need to drive growth to a higher level and deliver the seamless shopping experience for customers they desire.”
That’s an important move to make. After other retailers like Macy’s and Nordstrom reported weaker-than-expected results last week, it became clear that their online strategy is not competing effectively with the likes of Amazon.
More to come …