Walmart lifts guidance after better-than-expected results, shares up 5%
Shares of Walmart Inc. WMT, -2.94% shot up 6.6% toward a six-month high in premarket trading Tuesday, after the discount retail behemoth swung to a net third-quarter loss, due to $3.3 billion in charges related to opioid legal settlements, but adjusted profit, revenue and same-store sales that were well above expectations and a full-year outlook that was above forecasts. The net loss for the quarter to Oct. 31 was $1.80 billion, or 66 cents a share, after net income of $3.11 billion, or $1.
Revenue grew 8.7% to $152.81 billion, above the FactSet consensus of $147.67 billion. Walmart U.S. same-store sales rose 8.2%, above the FactSet consensus of a 3.6% rise, and Sam's Club same-store sales increased 10.0% to beat expectations of 8.7%. Cost of sales increased more than revenue, up 10.1% to $115.61 billion, as gross margin contracted to 24.3% from 25.3%.
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