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Walmart earnings beat, expects online sales to reach $75 billion

Walmart Inc.
WMT,
-0.27%

reported fiscal second-quarter net income of $4.28 billion, or $1.52 per share, up from $6.48 billion, or $2.27 per share, last year. Adjusted EPS of $1.78 beat the FactSet consensus for $1.57. Revenue of $141.04 billion was up from $137.74 billion last year and also ahead of the FactSet consensus for $137.02 billion. Walmart U.S. same-store sales grew 6%, with market share gains in grocery. The FactSet consensus was for 3% growth. Comp U.S. transactions were up 6.1%. Walmart U.S. e-commerce was up 6%, and has more than doubled, up 103%, on a two-year stack. Global e-commerce is on track to reach $75 billion by the end of the year, according to a statement from Doug McMillon, Walmart chief executive. Walmart is guiding for third quarter EPS of $1.30 to $1.40 and U.S. comp sales growth of 6% to 7%, excluding fuel. The FactSet consensus is for EPS of $1.32, implying a 1.4% decline, and 3.7% same-store sales growth. For the year, EPS is now expected to be $6.20 to $6.35, versus previous guidance for a high-single digit increase. U.S. comp store sales growth excluding fuel is expected to be 5% to 6% compared with previous guidance for low-single digit growth. The FactSet consensus is for 3.9% growth. Walmart’s outlook for Sam’s Club comp sales for the year is 7.5% to 8.5% growth excluding fuel and tobacco. Walmart stock slipped 1.5% in Tuesday premarket trading, and has risen 4.6% for the year to date. The Dow Jones Industrial Average
DJIA,
-0.88%

has gained 16.4% for 2021 so far.

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