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Walmart revenue growth of 7.6%; operating income growing faster at 17.3%; eCommerce up 26% globally; Q1 FY24 GAAP EPS of $0.62; Adjusted EPS of $1.47; Company guides Q2 and raises FY24 outlook

Published: 2023-05-18 11:02:00 ET

BENTONVILLE, Ark.--(BUSINESS WIRE)-- Walmart Inc. (NYSE: WMT):

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230517005840/en/

First-quarter highlights:

Consolidated revenue of $152.3 billion, up 7.6%, or 7.7% in constant currency
Consolidated gross margin rate declines 18 basis points on mix of sales
Consolidated operating expenses as a percentage of net sales down 58 basis points
Consolidated operating income up $0.9 billion, or 17.3%, operating margin up 34 bps
ROA at 4.5%; ROI at 12.7%, negatively affected by discrete charges totaling 140bps in Q3 & Q4 FY23
Global advertising business grew over 30%
Walmart U.S. comp sales up 7.4%; eCommerce up 27%, led by pickup & delivery
PhonePe reaches more than $1 trillion in annualized TPV
Company commits to build its own EV fast-charging network at thousands of its locations in the U.S.

The company will hold a live conference call with the Investment Community at 7 a.m. CDT Thursday, May 18, 2023, to discuss the company’s first quarter earnings results for fiscal year 2024. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/newsroom/financial-events and selecting the First Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 240 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 20 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230517005840/en/

Investor Relations Contacts Steph Wissink Senior Vice President, Investor Relations ir@walmart.com

Kary Brunner Sr. Director II, Investor Relations

Media Relations Contact Jacquelyn Cook Sr. Manager, Global Communications 800-331-0085

Source: Walmart Inc.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.