Walmart on Thursday reported first-quarter earnings and sales that topped analysts’ expectations amid heavy investments to beef up its ecommerce unit and contain the threat from Amazon.
Adjusted earnings per share came in at $US1, America’s largest retailer said in a statement, beating analysts’ forecast for $US0.96 according to Bloomberg. Sales at stores open for at least one year rose by 1.4%, ahead of the forecast for 1.3%.
Gross merchandise volume in Walmart’s ecommerce unit — the value of everything that was sold through it — jumped by 69% compared to the prior year.
Walmart’s stock fell 1.5% in premarket trading. The company said it expects second-quarter EPS at between $US1 and $US1.08, excluding a $US0.05 benefit, which missed expectations.
More from Akin Oyedele:
- Investors have found one group of winners from the retail apocalypse
- There are 2 powerful forces competing for supremacy in the stock market
- US stocks are sliding in global selloff after report of fired FBI director’s Trump memos
- 10 things you need to know today (TGT, SNAP, TWTR)
- STOCKS SNOOZE, DOLLAR FALLS: Here’s what you need to know (F, DKS)
NOW WATCH: Here’s the workout routine a retired US Navy admiral uses to stay in tip-top shape
NOW WATCH: Money & Markets videos
