Walmart Inc., the world’s largest retailer raised full year guidance as earnings beat estimates due in part to an increase in the grocery business.
Net sales in the 2023 first quarter for Walmart U.S. increased 4% to $96.9 billion over the first quarter of 2022. Walmart International net sales in the first quarter of 2023 decreased 13% to $23.8 billion, from $27.3 billion in last year’s first quarter. Sam’s Club net sales increased 17.5% to $19.6 billion, from $16.7 billion a year earlier.
The company’s guidance assumes a generally stable consumer in the U.S., higher supply chain costs, continued pressure from inflation and a mix of products and formats globally. Prepaid expenses and other current assets were $83.2 billion on April 30, 2022, up from $81.07 billion in 2021. Highlights from the international business included the launch of Flipkart Health+ in India, following Walmart’s acquisition of online pharmacy platform SastaSundar.com. “It’s enabling us to increase access to affordable care in that country. The team recently launched the Flipkart Health+ app, which is available on low bandwidths so it's useable for more people in more cities.
“Around the world, we can help our customers and members transact seamlessly, digitally, and help them strengthen their lives financially,” McMillion said. “In Walmart U.S., our sales performance was ahead of plan and we continued to gain share in grocery. Inflation is lifting the average ticket and our transaction count in stores went up slightly versus last year. Overall basket size is up as you would expect, but units per basket are down a bit.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Walmart raises full-year guidance, as earnings beat on boost from grocery and online businessesThe discounter's report comes after Home Depot and Target reported weaker sales trends.
Read more »
Walmart Lifts Full-Year Outlook as Quarterly Sales SurgeWalmart’s sales surged in the most recent quarter, a sign that the nation’s largest retailer by revenue is hoovering up customers looking for lower prices
Read more »
Siemens raises full-year outlook after second-quarter sales beats forecastsSiemens raised its full year sales and profit guidance on Wednesday after the German engineering and technology group beat sales forecasts during its second quarter.
Read more »
Siemens raises full year outlook after 2nd quarter sales beatSiemens raised its full year sales and profit guidance on Wednesday after the German engineering and technology group beat sales forecasts during its second quarter.
Read more »
Target stock falls after it was one-upped by rival Walmart’s raised full-year profit outlookShares of Target Corp. fell $3.60, or 2.2%, in morning trading Thursday, after the discount retailer was one-upped by rival Walmart Inc.’s full-year earnings...
Read more »
Opinion: What's behind American media's unhealthy fixation on 'Mormons, Inc.'?In a broadcast that aired Sunday, the CBS television program
Read more »