Walmart reported fiscal first quarter profits and sales that beat Wall Street estimates as the nation’s largest retailer keeps drawing budget conscious consumers to its aisles looking for food and other items in a challenging economic environment
ByANNE D'INNOCENZIO AP Retail Writer
A building on the campus of the Walmart Home Office is pictured Wednesday, April 19, 2023, in Bentonville, Ark. (AP Photo/Sue Ogrocki)
The Associated Press
NEW YORK -- Walmart reported a strong first quarter as the nation's largest retailer continues to draw budget conscious consumers in a challenging economic environment.
The company, based in Bentonville, Arkansas, offered an upbeat outlook for the year.
Walmart reported net income of $1.63 billion, or 62 cents per share for the three month period ended April 30. Earnings, adjusted for non-recurring costs, came to $1.47 per share, far exceeding the per-share earnings of $1.32 that Wall Street was looking for, according to a survey by FactSet.
That compares with $141.57 billion, or 74 cents per share, in the year ago period.
Sales rose 7.6% to $152.3 billion, also topping estimates.
Comparable store sales — those from established stores and online operating over the past 12 months -- rose 7.4%, a bit slower than the 8.3% during the fourth quarter but still solid. It posted an 8.2% gain in the fiscal third quarter.
Online sales rose 26% in the first quarter, an acceleration from the 17% in the previous quarter.
