Walmart reported fiscal second-quarter profit and revenue that beat expectations and raised its full-year earnings outlook.
Shares of Walmart Inc. powered higher toward a three-month high Tuesday, after the discount retail behemoth reported fiscal second-quarter profit and revenue that beat expectations, and raised its full-year earnings outlook.
The stock climbed 4.1% in premarket trading, putting them on track to open at the highest price seen since May 17. The stock was also headed for an eighth-straight gain, which would be the longest win streak since the eight-day stretch that ended Oct. 25, 2021. Revenue grew 8.4% to $152.86 billion, above the FactSet consensus of $150.99 billion. Walmart U.S. sales rose 7.1% to $105.1 billion, topping the FactSet consensus of $104.4 billion, while Sam’s Club revenue jumped 17.5% to $21.9 billion to beat expectations of $21.2 billion. Read Walmart’s earnings preview.
Cost of sales increased more than revenue growth, rising 10.1% to $115.84 billion, as operating income as a percentage of revenue contracted to 4.5% from 5.2%.
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