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
November 15 2022 - 7:08AM
Business Wire
Walmart Inc. (NYSE: WMT):
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Third-quarter highlights:
- 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 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 the U.S. and strength in Flipkart 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 7 a.m. CST Tuesday, Nov. 15, 2022, to discuss the
company’s third quarter earnings results for fiscal year 2023. The
event will be webcast live and is accessible by visiting
https://corporate.walmart.com/newsroom/financial-events and
selecting the Third Quarter Earnings Release event. The webcast
will be archived and available beginning at approximately noon CST
Nov. 15.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save
money and live better - anytime and anywhere - in retail stores,
online, and through their mobile devices. Each week, approximately
230 million customers and members visit more than 10,500 stores and
numerous eCommerce websites under 46 banners in 24 countries. With
fiscal year 2022 revenue of $573 billion, Walmart employs
approximately 2.3 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/.
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version on businesswire.com: https://www.businesswire.com/news/home/20221114006112/en/
Investor Relations Contacts Steph Wissink Senior Vice
President, Investor Relations Stephanie.Wissink@walmart.com
Kary Brunner Sr. Director II, Investor Relations
Kary.Brunner@walmart.com Media Relations Contact Jacquelyn
Cook Sr. Manager, Global Communications 800-331-0085
Walmart (NYSE:WMT)
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