Walmart (NYSE:WMT) stock is getting a boost on Tuesday following the release of its earnings report for the second quarter of fiscal 2023.
The positive earnings report for WMT stock starts with the retail company’s adjusted earnings per share of $1.77. That’s better than the $1.60 per share that Wall Street was expecting for Q2. Adjusted EPS reported in the same period of the year prior was slightly higher at $1.78.
To go along with that, Walmart reported revenue of $152.9 billion. That’s above the $149.96 billion in revenue that analysts were expecting for the quarter. It’s also an 8.4% increase from the $141 billion reported in the second quarter of fiscal 2022.
Walmart also includes guidance for the third quarter of fiscal 2023 in its earnings report. The company expects adjusted EPS for the quarter to decrease between 9% and 11%. It’s also looking for consolidated net sales growth of about 5%. That includes a roughly $1.3 billion negative effect from currency fluctuations.
In addition to that, Walmart is reaffirming its outlook for the fiscal full year of 2023. That also includes an adjusted EPS decrease ranging from 9% to 11%. It’s expecting consolidated net sales growth of around 4.5% for the year.
Doug McMillon, president and CEO of Walmart, said the following in the earnings report.
“The actions we’ve taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on profit margin for Q2 and our outlook for the year. We made good progress throughout the quarter operationally to improve costs in our supply chain, and that work is ongoing.”
WMT stock is up 5.2% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
