Walmart Inc. (NYSE: WMT) reported better-than-expected revenue and earnings for the second quarter of 2020, sending shares rising 7% in premarket hours on Thursday.
Total revenue inched up 1.8% year-over-year to $130.4 billion, beating estimates of $130.2 billion. On a constant currency basis, revenues rose 2.9% to $131.7 billion.
Net income attributable to Walmart was $3.6 billion, or $1.26 per share, compared to a net loss of $861 million, or $0.29 per share, in the prior-year period. Adjusted EPS amounted to $1.27, beating forecasts of $1.22.
Walmart US comp sales grew 2.8%. On a two-year stacked basis, comp sales grew 7.3%, marking the strongest growth in over 10 years. Walmart US ecommerce sales grew 37% helped by strong growth in online grocery.
Walmart US surpassed 1,100 grocery delivery locations and has more than 2,700 pickup locations. The NextDay delivery service from Walmart.com now covers around 75% of the US population.
Sam’s Club saw comp sales growth of 1.2% and ecommerce sales growth of 35%. The segment saw decreases in average transactions and ticket. Lower tobacco sales negatively affected comp sales by 300 basis points.
Net sales at Walmart International fell 1.1% on a reported basis but grew 3.3% on a constant currency basis. Strength in Walmex and China were offset by softness in the UK and Canada.
During the quarter, Walmart opened two new ecommerce fulfillment centers in Mexico and announced plans to invest $1.2 billion to upgrade the logistics network in China.
For fiscal year 2020, Walmart expects consolidated net sales growth of around 3% in constant currency. Adjusted EPS is expected to range between a slight decrease and a slight increase compared with fiscal year 2019, including Flipkart. Excluding Flipkart, adjusted EPS is expected to increase by a mid to high single digit percentage range.
Walmart US comp sales growth, ex-fuel, is expected to be towards the upper-end of 2.5% to 3%. Comp sales at Sam’s Club are expected to grow around 1%, excluding fuel. Walmart US ecommerce net sales growth is expected to be around 35%. Walmart International sales is expected to grow 3-4% in constant currency.
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