(News Bulletin 247) – The world’s largest retailer has raised its financial targets for the entire current financial year, after revealing quarterly results that exceeded expectations.

American hypermarket chain Walmart raised its forecast for its entire fiscal year on Thursday after posting a better-than-expected second quarter.

Between May and July, the retail giant earned $169.3 billion in sales (+4.8%) and generated net earnings per share on a comparable basis, a benchmark for the markets, of 67 cents when the consensus expected 65 cents.

“Every part of our business is growing, with in-store and (Sam’s) Club sales increasing, eCommerce growing as curbside pickup increases, and delivery growth is even faster as our speed improves,” Walmart CEO Doug McMillon said in the statement.

The group’s net profit, however, fell by 43% to 4.5 billion dollars. The Factset consensus was for 5.25 billion.

On the New York Stock Exchange, Walmart shares rose another 6.7%, after reaching a record high of $74.44 at opening time.

Annual forecasts raised

The group noted that consumers continued to be selective and discerning, seeing market share gains among high-income Americans as they did in the previous quarter.

It also reported stagnant or very weak growth in non-food sales for the first time in eleven quarters. E-commerce continued its momentum with growth of 21% worldwide.

The largest private employer in the United States has refined its forecast for the third quarter: a 3.25 to 4.25% increase in turnover over a year and net profit per share on a comparable basis of around 51 to 52 cents.

And it raised its expectations for the whole of this postponed 2025 financial year, in particular concerning its turnover which should increase by 3.75% to 4.75% (+3% to 4% previously) and its earnings per share excluding exceptional items which should be established in a range of 2.35 to 2.43 dollars (2.23 to 2.37 dollars previously).

(With AFP)