(New York) The American supermarket chain Walmart has revised its forecast for its staggered fiscal year 2024 upwards in view of the performance achieved in the second quarter ended at the end of July, during which its sales rose 5.7% year on year.
“We had another strong quarter. Across the world, our customers and members prioritize value and convenience,” said Doug McMillon, group boss, quoted in a statement.
Turnover stood at 161.63 billion for the second quarter of its 2024 financial year.
The group posted a record net profit of $7.90 billion, recording a jump of 53.3% compared to the same period of the previous year.
Reported per share – a benchmark for analysts – it comes out at 2.92 dollars, which is well above consensus expectations, which on average expected 1.70 dollars.
On the strength of this performance, the distribution giant confirmed its forecasts for the third quarter, but, above all, raised those for the whole of its current 2024 financial year.
In particular, he expects annual revenue growth of about 4% to 4.5% and net earnings per share of $6.36 to $6.46, 26 cents above the expected range. previously.
“The food segment is a strength, but we are also encouraged by our results in general products compared to our expectations when we started the quarter,” Mr. McMillon underlined, noting that the number of transactions and the number of products sold had increased.
“Our stocks are in good shape and we like the position we are in for the latter part of the year,” he added.
In the United States, Walmart sales grew 6.4% like-for-like excluding fuel with an e-commerce jump of 24% driven by drive-through and deliveries.
On the product side, groceries and personal care products drove growth there while general products “declined modestly”.
The group claimed a gain in market share in groceries for its Walmart brand as well as for its semi-wholesale brand Sam’s Club, in groceries and in general products, in particular clothing, household products and toys.
Internationally, e-commerce sales also grew (26%) and revenue increased 11% at constant exchange rates to $27.6 billion.
Walmart stock rose 1.04% to $160.92 in trading before the New York Stock Exchange opened.