Breaking News
Aug 15, 2024
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Walmart Inc. soared 8.8% to $74.70, and the discount retailer reported better-than-expected revenue and earnings in its latest quarter. The company lifted its annual estimate on the back of the strength in its first-half results.
Consolidated revenue in the second quarter increased 4.8% to $169.3 billion from $161.6 billion, net income plunged to $4.7 billion from $8.1 billion, and diluted earnings per share dropped to 56 cents from 97 cents a year ago.
Walmart U.S. sales increased by 4.1% to $115.3 billion from $110.9 billion, driven by comparable sales excluding fuel sales at stores rising by 4.2%, the number of transactions increasing by 3.6%, and the average ticket size advancing by 0.6%.
The retailer guided fiscal third-quarter sales of $159.4 billion, operating income of $6.2 billion, and adjusted earnings per share of 51 cents.
The retailer issued a cautious outlook for the second half, citing geopolitical tensions and upcoming U.S. elections, that could impact consumer sentiment.
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