Walmart US posts first-quarter revenue, comp-store gains

Walmart-Flipkart deal circumvents law says CAIT seeking govt intervention

Walmart's gross margin, which has fallen for four consecutive quarters, was down 23 basis points in the quarter ended April 30. BlackRock Inc. raised its position in Walmart by 1.7% in the first quarter.

The stock gained at first, but then began to slide as investors digested the details: Comparable sales were up 2.1% excluding fuel, slightly missing expectations. The stock has fallen around 20 percent from an all-time high in January. E-commerce sales still account for a fraction of the retailer's revenue. The company has been making pushes to improve its ecommerce offerings in a bid to better compete against rival online retailer Amazon.com, Inc. In the same period a year ago, Walmart reported EPS of $1.00 on sales of $116.53 billion.

Walmart reported USA e-commerce growth of approximately 100 basis points (up from about 80 in the same quarter last year).

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter. The company's e-commerce business rebounded nicely for the quarter, and that would prove to be a catalyst for the strong report.

Worldwide sales were up 4.5 percent at $28.3 billion on a constant currency basis, helped by an early Easter, Biggs said.

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Walmart reiterated its guidance for a drop of $0.25 to $0.30 in full-year earnings per share due to the recent investment of some $16 billion in Indian e-commerce firm Flipkart, if the transaction closes in the second fiscal quarter. It also plans to sell a majority stake in its United Kingdom grocery chain Asda Group Ltd to J Sainsbury PLC.

Walmart also recently reached agreements to sell its banking operations in Walmart Canada and Walmart Chile, it said on Thursday. The retailer reported $1.33 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $1.37 by ($0.04). Walmart has recorded almost four straight years of USA growth, unmatched by any other retailer. While the rising gas prices may have reduced the purchasing power of some, Walmart indicated that it was still enjoying robust consumer demand.

Walmart President and CEO Doug McMillon commented the company continues to change "from within" to become a "faster and more digital" company while at the same time "shaping our portfolio of businesses for the future". Walmart added that sales online increased by over 33%. It also launched new private clothing brands.

Walmart, the world's biggest retailer, posted a rebound in its United States e-commerce business today and beat profit and revenue expectations. The delayed spring also hurt demand with regards to weather-related categories.

For the quarter, Walmart reported revenues of $122.69 billion and earnings per share of $1.14 per share, ahead of the expected $120.51 billion and $1.12 per share.

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