Walmart Unveils Third Quarter Fiscal Year 2024 Earnings
Walmart recently shared its earnings for the third quarter of fiscal year 2024, showing strong growth in revenue of 5.2%. Their online sales jumped by 15% globally. The company’s GAAP earnings per share stood at $0.17, while the adjusted earnings per share were $1.53.
The CEO, Doug McMillon, expressed excitement about the early start to the holiday season, highlighting how Walmart aims to offer affordable Thanksgiving meals and great deals on various products like fashion, toys, electronics, and decorations. He emphasized the readiness of their teams to serve customers worldwide.
Looking forward, Walmart raised its guidance for sales and adjusted earnings for fiscal year 2024. The company expects net sales to increase by 5.0% to 5.5% and adjusted earnings per share to range from $6.40 to $6.48.
Highlights from the Third Quarter:
- Total revenue reached $160.8 billion, up by 5.2%.
- Operating income saw a significant increase.
- Walmart U.S. experienced a 4.9% increase in comparable sales and a 24% rise in online sales, particularly through pickup and delivery services.
Financial Snapshot:
- Cash and cash equivalents totaled $12.2 billion.
- Total debt stood at $55.4 billion.
- Operating cash flow increased to $19.0 billion.
- Inventory decreased to $64.0 billion.
Walmart U.S. Performance:
- Sales grew by 4.4%, mainly driven by groceries and health and wellness.
- E-commerce contributed significantly to sales growth.
Walmart International Performance:
- Sales growth, especially in Walmex and China, resulted in a 5.4% increase in constant currency.
- E-commerce sales showed strength across markets except in India.
Sam’s Club U.S. Performance:
- Saw a 2.8% increase in net sales and a 3.8% rise in comparable sales, excluding fuel.
Looking ahead, Walmart forecasts a continued increase in sales and operating income for fiscal year 2024. The company expects stable consumer trends and remains focused on offering diverse products globally.”
