Walmart on Thursday reported second-quarter earnings and revenue that topped Wall Street estimates, boosted by an increase of both foot traffic and by strong online sales. However, shares trade down by about 2%.
America’s largest brick-and-mortar retailer said US comp sales rose 1.8% versus a year ago, making for the 12th straight quarter with positive results. Gross merchandise volume in its e-commerce unit — the value of everything sold online — surged by 67% year-over-year.
The company announced adjusted earnings of $US1.08 per share, edging out the Wall Street estimate by a penny. Revenue totaled $US123.36 billion, surpassing the $US122.84 billion that analysts were expecting.
Walmart raised the lower end of its full-year adjusted earnings forecast to $US4.30 to $US4.40 a share after initially anticipating $US4.20 to $US4.40. Analysts were expecting $US4.39.
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