- Walmart Inc (NYSE:WMT) reported first-quarter FY24 sales growth of 7.6% year-on-year to $152.30 billion, beating the analyst consensus estimate of $148.65 billion.
- Net sales from Walmart U.S. increased 7.2% Y/Y, Walmart International rose 12%, and Sam’s Club jumped 4.5%.
- Excluding fuel, Walmart’s U.S. Q1 comp sales grew 7.4%. eCommerce growth was 27%.
- Global advertising business grew over 30%.
- Consolidated gross margin rate declined 18 basis points on mix of sales.
- The operating margin was 4%, and operating income for the quarter rose 17.3% to $6.2 billion.
- The company held $10.7 billion in cash and equivalents as of April 30, 2023.
- Cash provided by operating activities totaled $4.6 billion in Q1, with a free cash flow of $0.2 billion.
- Adjusted EPS was $1.47, beating the consensus of $1.32.
- Inventories as of April 30, 2023, were $56.9 billion.
- In Q1, Walmart repurchased 4.8 million shares, returning $0.7 billion to shareholders.
- Outlook: Walmart sees a Q2 FY24 adjusted EPS of $1.63 – $1.68 (consensus $1.71). Q2 net sales growth of 4% in CC.
- For FY24, the company raised FY24 adjusted EPS guidance from $5.90 – $6.05 to $6.10 – $6.20 versus an estimate of $6.15.
- It also raised FY24 net sales guidance from 2.5% – 3% growth to 3.5% growth (CC).
- Price Action: WMT shares are trading higher by 2.49% at $153.25 in premarket on the last check Thursday.
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Evercore ISI Group Upgrades Bionomics to Outperform, Announces $6 Price Target
Evercore ISI Group analyst Joshua Schimmer upgrades Bionomics (NASDAQ:BNOX) from In-Line to Outperform and announces $6 price target.
