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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Company delivered strong revenue growth globally, with strength in
Walmart U.S., Sam’s Club U.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.
Walmart Internationalnet sales were $25.3 billion, an increase of $1.7 billion, or 7.1%, negatively affected by $1.5 billionfrom currency fluctuations. Segment operating income led by double-digit growth for Walmex.
Global advertising business grew over 30%, led by 40% at
WalmartConnect in the U.S.and strength in FlipkartAds.
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 billionrelated 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
$1.50excludes the effects, net of tax, of $1.11from net losses on equity and other investments and $1.05from charges related to opioid legal settlements.
Subsequent to the third quarter the Company approved a new
$20 billionshare repurchase authorization replacing its existing authorization, which had approximately $1.9 billionremaining at the end of Q3.
The company will hold a live conference call with the Investment Community at
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