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Walmart Q2 net loss $861.0 million

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Walmart
Walmart   U.S. same-store sales recorded the strongest growth in more than ten years

Walmart reported a net loss for the second quarter as higher revenues were offset by a one-time charge, among other items.

Walmart U.S. same-store sales recorded the strongest growth in more than ten years.

Looking ahead, the company raised its outlook for fiscal 2019 adjusted earnings and net sales growth.

Walmart's second-quarter net loss was $861.0 million or $0.29 per share, compared to net income of $2.90 billion or $0.96 per share in the same period last year.

The latest quarter results included a charge of $1.51 per share related to the sale of a majority stake in Walmart Brazil, negative impact of $0.04 due to an adjustment in the provisional amount related to tax reform, and unrealized loss of $0.03 on the company's equity investment in JD.com.

Adjusted earnings per share were $1.29, compared to $1.08 last year.

Total revenue rose 3.8 percent to $128.0 billion from $123.4 billion last year. Excluding currency, total revenue increased 3.6 percent to $127.8 billion.

Net sales increased 4.2 percent from last year to $127.06 billion.

Walmart U.S. comp sales increased 4.5 percent, the strongest growth in more than ten years led by the performance of grocery, apparel and seasonal. This was supported by traffic and ticket growth as each exceeded 2.0 percent. Net sales rose 5.2 percent to $82.8 billion.

Sam's Club comp sales edged down 0.6 percent, but recorded comp traffic growth of 5.0 percent. Net sales at Walmart International grew 4.0 percent to $29.5 billion.

For fiscal 2019, Walmart updated its reported earnings outlook to a range of $2.90 to $3.05 per share, excluding Flipkart, compared to the prior range of $4.75 to $5.00 per share.

The company raised its outlook for full-year adjusted earnings to $4.90 to $5.05 per share, excluding Flipkart, from the prior range of $4.75 to $5.00 per share.

Walmart now expects fiscal 2019 net sales to increase 2 percent in constant currency, compared with the prior guidance for an increase in a range of 1.5 percent to 2 percent.


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