Walmart Q1 profit surge 80 percent and net income $3.84 billionChristian Fernsby ▼ |
Walmart The latest quarter's results include an unrealized gain
Walmart reported an 80 percent surge in profit for the first quarter from last year, reflecting higher revenues and a gain on the company's equity investment in JD.com.
For the first quarter, consolidated net income attributable to Walmart rose to $3.84 billion or $1.33 per share from $2.13 billion or $0.72 per share in the same period last year.
The latest quarter's results include an unrealized gain, net of tax, of $0.20 per share on the company's equity investment in JD.com.
Excluding items, adjusted earnings for the quarter were $1.13 per share, compared to $1.14 per share in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share. Analysts' estimates typically exclude special items.
Total revenue for the quarter, comprising net sales and Membership and other income, grew 1.0 percent to $123.93 billion from $122.69 billion in the year-ago period. Excluding currency, total revenue increased 2.5 percent. Analysts were looking for revenues of $124.98 billion for the quarter.
Net sales grew 1.1 percent to $122.95 billion, while Membership and other income declined 7.9 percent to $976 million.
Walmart U.S. comp sales increased 3.4 percent, marking the best first-quarter comp in nine years and the fourth consecutive quarter above 3 percent. Net sales rose 3.3 percent to $80.3 billion. Walmart U.S. eCommerce sales grew 37 percent.
Sam's Club comp sales increased 0.3 percent. Reduced tobacco sales negatively impacted comp sales by about 270 basis points. ■
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