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Walmart Q3 revenues increase by 5.2 percent

By Prachi Singh


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Credits: Image: Walmart

Consolidated revenue of 160.8 billion dollars at Walmart, were up 5.2 percent or 4.3 percent in constant currency.

For fiscal 2024, the company expects consolidated sales to Increase approximately 5 percent to 5.5 percent, operating income to increase approximately 7 percent to 7.5 percent, and adjusted EPS in the range of 6.40 dollars to 6.48 dollars.

“We had strong revenue growth across segments for the quarter, and we’re excited to get an early start to the holiday season. Looking ahead, our inventory is in good shape, the teams are focused, and our associates are ready to serve our customers and members whenever and however they want to be served,” said Doug McMillon, president and CEO, Walmart.

Walmart U.S. sales of 109.4 billion dollars rose 4.4 percent, while the company delivered 24 percent growth in ecommerce, led by strength in pickup & delivery. Walmart Connect advertising sales grew 26 percent. The company added that the sales strength was led by grocery and health & wellness, while general merchandise sales declined modestly. Gross profit rate increased 5 bps for the quarter under review.

Walmart International sales of 28 billion dollars increased 10.8 percent or 5.4 percent in constant currency but ecommerce sales declined 3 percent, while advertising grew 4 percent. Gross margin rate increased 151 bps and operating income in constant currency improved 10.7 percent with strength across markets.

The company’s consolidated gross margin rate rose 32bps, while on an adjusted basis, gross margin improved 37bps.

Walmart said consolidated operating income was up 3.5 billion dollars or 130.1 percent, and adjusted operating income increased 3 percent. Adjusted EPS for the quarter reached 1.53 dollars.

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