Walmart beats and raises guidance

Walmart on Thursday reported third-quarter adjusted earnings and revenue that topped Wall Street estimates, boosted by continued growth from its e-commerce platform.

The big-box retailer earned an adjusted $US1 per share, edging out the $US0.98 that Wall Street was expecting. Revenue came in at $US123.18 billion, easily beating the $US121 billion that was expected.

America’s largest brick-and-mortar retailer said US comparable-store sales rose 2.7% versus a year ago, making for the 13th straight quarter with positive results.

“We have momentum, and it’s encouraging to see customers responding to our store and eCommerce initiatives,” Walmart President and CEO Doug McMillon said in the earnings release. “We are leveraging our unique assets to save customers time and money and serve them in ways that are easy, fast, friendly and fun.”

The retailer saw about an 80 basis points boost to segment comp sales growth from its eCommerce platform said the impact from hurricanes benefited comp sales by “approximately 30-50 basis points.”

Walmart sees fiscal year 2018 adjusted earnings per share of $US4.38 to $US4.46.

Shares are trading higher by 3.33% at $US92.852 in pre-market action. They have gained nearly 35% this year.

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