Net income in the quarter was $3.773 billion, up 8.6% compared to the $3.475 billion in the same quarter of 2015.
Advertisement
Total revenue was $120.9 billion, an increase of 0.5%. “We’re more pleased this quarter but continue to press and keep growing the business at an accelerated pace”.
While the company did not address the recent move to cut its price-matching program from hundreds of stores, McMillon did say, “We’re committed to providing Everyday Low Prices, using data and analytics to better serve our customers both through stores and e-commerce”.
On a constant currency basis, Wal-Mart’s e-commerce sales in the second quarter were up 11.8% over previous year. Analysts on average were expecting $1.02, according to Thomson Reuters I/B/E/S. Record dollar sales of $2.3 billion, up 5 percent; volume up 1 percent. For the first half of fiscal year 2017, the retailer’s cost of sales went down 0.3% from comparable period last year, despite 0.5% YoY increase in net sales.
Wall Street expects Wal-Mart Stores, Inc.
Looking ahead, WMT forecast Q3 EPS to range from $0.90 to $1.00, which straddles analyst expectations of $0.93. Guidance assumes that currency exchange rates remain where they are now and includes dilution of $0.05 per share related to the company’s acquisition of Jet.com and excludes a non-cash gain of $0.14 per share related to the sale of Yihaodian.
Cisco Systems, Inc. (NASDAQ: CSCO) reported stronger-than-expected results for its fourth quarter, but issued a weak earnings forecast for the current quarter.
While Asda struggles with customer traffic and declining revenues, Walmart’s USA stores saw their eighth consecutive quarterly gain in sales and store visits grew 1.2%.
Wal-Mart Stores, Inc.is engaged in the operation of retail, wholesale and other units in various formats around the world.
Wal-Mart Stores Inc.’s (WMT) made a return of -0.61%% in one month through last close, displaying a 12.73% return during the past three months. Higher investment in e-commerce initiatives in order to compete with online retailer Amazon.com, Inc. The company also reported stronger pharmacy sales, helped by drug price inflation and more prescriptions filled. Year over year, share repurchases were up 111% and dividend payments were down 1.1%.
This summer, the company completed the rollout of Walmart Pay, a feature that allows shoppers to pay at the register using their smartphone.
Advertisement
Nevertheless, Wal-Mart has been making efforts to understand the evolving needs of its customers to regain their confidence, and thus boost sales. Still, that’s an nearly five-percentage growth acceleration from the first quarter.
