Wal-Mart Stores, Inc. Jumps After Beat And Raise Quarter

Wal-Mart released its second quarter earnings report before opening bell this morning, posting adjusted earnings of $1.07 per share, beating the consensus of $1.02 per share. The big box retailer reported $120.9 billion in sales, compared to the consensus of $120.2 billion. In last year’s second quarter, the company posted $120.2 billion in revenue.

Wal-Mart’s same store sales beat estimates

Diluted earnings were $1.21 per share with an impact of 3 cents per share from currency headwinds. Same store sales grew 1.6%, beating the consensus of a 1% increase. Neighborhood Market comparable store sales grew 6.5%. Walmart International net sales were $28.6 billion. Excluding currency impacts, international sales increased 2.2% to $31.3 billion. Global e-commerce sales grew 11.8% on a constant currency basis, while global gross merchandise volume increased 13%.

Warren Buffett: If You Own A Good Business, Keep It

Berkshire Hathaway Warren BuffettBuying private businesses is easier than acquiring public firms, and investors should avoid selling good investments at all costs, according to the Oracle of Omaha, Warren Buffett. Q2 2020 hedge fund letters, conferences and more In an interview with CNBC in March 2013, Buffett was asked if he was looking at any businesses, in particular, Read More


“We’re pleased with the positive momentum in our business,” said Wal-Mart President and Chief Executive Doug McMillon in a statement. “Our strategy in the U.S. is working as we delivered an eighth consecutive quarter of positive comps, and international also performed well. We remain focused on building e-commerce capabilities globally and executing our omni-channel plan, as evidenced by our recent alliance with JD.com in China and agreement to acquire Jet.com in the U.S.”

Wal-Mart raises full-year outlook

For the third quarter, Wal-Mart expects earnings to be between 90 cents and $1 per share, compared to the consensus of 93 cents per share. The big box retailer expects fiscal 2017 adjusted earnings to come in between $4.15 and $4.35 per share, compared to the consensus of $4.27 per share. The company had previously guided for fiscal 2017 earnings of between $4 and $4.30 per share. Wal-Mart expects GAAP earnings for the full year to be between $4.29 and $4.49 per share, including about 5 cents per share in operating losses and one-time transaction expenses related to the Jet.com acquisition.

The big box retailer repurchased about 30 million shares in the second quarter and has about $12.7 billion left on its $20 billion authorization, which was approved in October 2015.

Shares of Wal-Mart surged by as much as 3.44% to $75.44 in premarket trading this morning.