INTERNATIONAL – Walmart reported better-than-expected quarterly US comparable sales on Thursday and raised its earnings outlook for the year as a strong economy boosted customer store visits and more grocery offerings helped e-commerce purchases.
The stock rose nearly 1 percent to $102.48 (R1462).
Sales at US stores open at least a year rose 3.4 percent in the third quarter, excluding fuel price fluctuations, higher than analysts’ estimates of a 2.87 percent increase, according to IBES data from Refinitiv.
Walmart has recorded over four straight years of US growth, unmatched by any other retailer. During the second quarter, it posted its highest sales growth in a decade.
E-commerce sales soared 43 percent, topping the 40 percent growth in the previous quarter. The retailer has said it is on track for e-commerce sales to rise by 40 percent this year.