Company delivers strong revenue growth of 8.7% with strength across segments; Q3 FY23 GAAP EPS of ($0.66); Adjusted EPS of $1.50; Company raises full-year outlook on strong results for Q3
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Third-quarter highlights:
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Company delivered strong revenue growth globally, with strength in
Walmart U.S ., Sam’s ClubU.S. ,Flipkart , and Walmex. Total revenue was$152.8 billion , up 8.7%, or 9.8% in constant currency. -
Walmart U.S . comp sales grew 8.2% and 17.4% on a two-year stack. eCommerce growth was 16% and 24% on a two-year stack. Continued to gain market share in grocery. - Sam’s Club comp sales increased 10.0%, and 23.9% on a two-year stack. Membership income increased 8.0% with member count reaching an all-time high.
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Walmart International net sales were$25.3 billion , an increase of$1.7 billion , or 7.1%, negatively affected by$1.5 billion from currency fluctuations. Segment operating income led by double-digit growth for Walmex. -
Global advertising business grew over 30%, led by 40% at
Walmart Connect in theU.S. and strength inFlipkart Ads. -
Consolidated gross profit rate declined 89 basis points, primarily due to markdowns and mix of sales in the
U.S. , an inflation-related LIFO charge at Sam’s Club, and the timing of Flipkart’s annual event, The Big Billion Days. -
Consolidated operating expenses as a percentage of net sales increased 144 basis points due to charges of
$3.3 billion related to opioid legal settlements. Adjusted operating expenses as a percentage of net sales decreased 75 basis points, primarily due to strong sales growth and lower Covid-related costs. -
Consolidated operating income was
$2.7 billion , a decrease of 53.5%, including the legal charges described above. Adjusted operating income was$6.0 billion , an increase of 3.9%. -
Adjusted EPS of
$1.50 excludes the effects, net of tax, of$1.11 from net losses on equity and other investments and$1.05 from charges related to opioid legal settlements. -
Subsequent to the third quarter the Company approved a new
$20 billion share repurchase authorization replacing its existing authorization, which had approximately$1.9 billion remaining at the end of Q3.
The company will hold a live conference call with the Investment Community at
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114006112/en/
Investor Relations Contacts
Senior Vice President, Investor Relations
Stephanie.Wissink@walmart.com
Sr. Director II, Investor Relations
Kary.Brunner@walmart.com
Media Relations Contact
Sr. Manager,
800-331-0085
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