Walmart’s online sales grow 41 percent in the third quarter, the company said on Thursday, that fueling an earnings beat and 21 quarters of growth in the U.S due to a strong grocery business.
The company reported the total sales in the period fell short of analysts’ expectations, but Walmart also raised its annual earnings outlook for the second time this year ahead of the holiday season.
Walmart (WMT) shares surged 1.7% in premarket trading on the news after initially jumping more than 3%.
Company’s CEO Doug McMillon said in the earnings statement that, Walmart is prepared for a good holiday season.
The financial details of Walmart for its fiscal third quarter compared with what the analysts were expecting, based on Refinitiv data: Revenue: $127.99 billion vs. $128.65 billion expected, Earnings per share: $1.16, adjusted, vs. $1.09 expected, U.S. same-store sales: up 3.2% vs. growth of 3.1% expected.
The net income for the period ended Oct. 31 surged to $3.29 billion, or $1.15 a share, as compared with $1.71 billion, or 58 cents per share, a year ago. By excluding one-time charges, Walmart has also earned $1.16 per share, by topping the expectations for $1.09 in a Refinitiv survey of analysts.
Walmart’s total revenue surged 2.5% to $127.99 billion from $124.89 billion a year ago, but that fell slightly and short of the expectations for $128.65 billion. The sales online and at Walmart stores operating for at least 12 months in United States were up 3.2 percent by topping the estimates for growth of 3.1 percent.