Walmart shares rise after earnings beat, e-commerce sales soar 79%

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Walmart Inc. shares rose 1.6% in Tuesday premarket trading after the retail giant reported fiscal third-quarter earnings and revenue that beat expectations. Net income totaled $5.14 billion, or $1.80 per share, up from $3.23 billion, or $1.15 per share, last year. Adjusted EPS of $1.34 was ahead of the FactSet consensus for $1.18. Revenue of $134.71 billion was up from $128.00 billion last year and also ahead of the FactSet consensus of $132.13 billion. E-commerce sales were up 79%. And U.S. comp sales rose 6.4%, ahead of the FactSet consensus for domestic comp sales growth of 4.3%. “We think these new customer behaviors will largely persist and we’re well positioned to serve customers with the value and experience they’re looking for,” said Walmart Chief Executive Doug McMillon in a statement. Shoppers have shifted much of their shopping activity online during the coronavirus pandemic. Walmart stock has gained 28.3% for the year to date while the Dow Jones Industrial Average is up 5% for the period.
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