Walmart Inc (NYSE: WMT) shares were trading higher premarket Tuesday after the retailer reported better-than-expected first-quarter EPS and sales results for fiscal year 2021.
Walmart posted adjusted earnings per share of $1.18, beating the analyst consensus estimate of $1.17. This is a 4.42% increase over earnings of $1.13 per share from the same period last year.
The company reported quarterly sales of $134.6 billion, beating the analyst consensus estimate of $130.31 billion. This is a 8.61% increase over sales of $123.925 billion in the same period last year.
Walmart said first-quarter U.S. comps sales increased by 10%, while e-commerce sales ripped higher by 74%.
Walmart withdrew its fiscal year 2021 guidance.
“More than ever, the news this quarter is our amazing associates. They are rising to the challenge to serve our customers and our communities. I’m proud of how they’re adapting and performing. Our omnichannel strategy, enabling customers to shop in seamless, flexible ways, is built for serving the needs of customers during this crisis and in the future,” CEO Doug McMillon said in a statement.
Walmart To Discontinue Jet.com
Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com, Walmart said Tuesday.
The acquisition of Jet.com nearly four years ago was critical to accelerating Walmart's omni strategy, the company said.
Walmart stock was trading up 4.05% at $132.83 in Tuesday's premarket session. The stock has a 52-week high of $133.38 and a 52-week low of $99.91.
Photo courtesy of Walmart.