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Tuesday, May 18, 2021 9:12:31 AM
Walmart (WMT) Smashes Earnings Forecast as Biden Stimulus Boosts Spending
By: TheStreet | May 18, 2021
• Walmart CEO Doug McMillon says stimulus provided a first-quarter sales boost, but noted 'the second half has more uncertainty than a typical year.'
Walmart (WMT) posted stronger-than-expected first-quarter earnings Tuesday, and boosted its full-year profit forecast, after same-store sales blasted past Wall Street forecasts.
The world's biggest retailer said adjusted earnings for the three months ended in April came in at $1.69 per share, rising 43.2% from the same period last year and well ahead of the consensus forecast of $1.21 per share.
Group revenues, the company said, were tabbed at $138.31 billion, a 2.75% increase from last year that topped analysts' estimates of $132.1 billion. U.S. same-store sales rose 6% from last year, the company said, well ahead of the Refinitiv forecast of around 1%. e-Commerce sales, Walmart noted, rose 37%, down from 69% in the previous quarter.
Looking into the 2022 financial year sales to rise by only low single digits, Walmart said it sees earnings rising by a high single-digit percent, compared to an earlier forecast of a modest decline.
“This was a strong quarter. Every segment performed well, and we’re encouraged by traffic and grocery market share trends. Our optimism is higher than it was at the beginning of the year. In the U.S., customers clearly want to get out and shop," said CEO Doug McMillon. "We have a strong position as our store environment improves and eCommerce continues to grow. Stimulus in the U.S. had an impact, and the second half has more uncertainty than a typical year."
"We anticipate continued pent-up demand throughout 202," he added. "Our results reflect the continued hard work and commitment our associates have shown throughout the pandemic -- serving others and helping provide vaccines -- and we’re grateful to them.”
Walmart share were marked 3.9% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $144.25, a move that would nudge the stock into positive territory for the year.
March retail sales roared past Wall Street forecasts, rising 9.8% from last year to $619.1 billion thanks in part to the impact of $1,400 stimulus payments to most domestic households from President Joe Biden's $1.9 trillion American Rescue Plan Act.
April retail sales, however, stalled amid a sharp uptick in consumer price inflation -- the fastest since 2009, in fact -- and the fading stimulus impact.
Read Full Story »»»
DiscoverGold
By: TheStreet | May 18, 2021
• Walmart CEO Doug McMillon says stimulus provided a first-quarter sales boost, but noted 'the second half has more uncertainty than a typical year.'
Walmart (WMT) posted stronger-than-expected first-quarter earnings Tuesday, and boosted its full-year profit forecast, after same-store sales blasted past Wall Street forecasts.
The world's biggest retailer said adjusted earnings for the three months ended in April came in at $1.69 per share, rising 43.2% from the same period last year and well ahead of the consensus forecast of $1.21 per share.
Group revenues, the company said, were tabbed at $138.31 billion, a 2.75% increase from last year that topped analysts' estimates of $132.1 billion. U.S. same-store sales rose 6% from last year, the company said, well ahead of the Refinitiv forecast of around 1%. e-Commerce sales, Walmart noted, rose 37%, down from 69% in the previous quarter.
Looking into the 2022 financial year sales to rise by only low single digits, Walmart said it sees earnings rising by a high single-digit percent, compared to an earlier forecast of a modest decline.
“This was a strong quarter. Every segment performed well, and we’re encouraged by traffic and grocery market share trends. Our optimism is higher than it was at the beginning of the year. In the U.S., customers clearly want to get out and shop," said CEO Doug McMillon. "We have a strong position as our store environment improves and eCommerce continues to grow. Stimulus in the U.S. had an impact, and the second half has more uncertainty than a typical year."
"We anticipate continued pent-up demand throughout 202," he added. "Our results reflect the continued hard work and commitment our associates have shown throughout the pandemic -- serving others and helping provide vaccines -- and we’re grateful to them.”
Walmart share were marked 3.9% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $144.25, a move that would nudge the stock into positive territory for the year.
March retail sales roared past Wall Street forecasts, rising 9.8% from last year to $619.1 billion thanks in part to the impact of $1,400 stimulus payments to most domestic households from President Joe Biden's $1.9 trillion American Rescue Plan Act.
April retail sales, however, stalled amid a sharp uptick in consumer price inflation -- the fastest since 2009, in fact -- and the fading stimulus impact.
Read Full Story »»»
DiscoverGold
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