BENTONVILLE, Ark., May 18, 2023 – Walmart Inc. (NYSE: WMT) announces first quarter results, including strong revenue and operating income growth of 7.6% and 17.3%, respectively. Operating expense leverage, along with progress from the Company’s connected value streams, including advertising, helps deliver operating margin expansion. The Company sees strong comp sales globally, including 7.4%3 for Walmart U.S., as its omnichannel model continues to resonate with customers and members.
First Quarter Highlights
•Consolidated revenue of $152.3 billion, up 7.6%, or 7.7% in constant currency (“cc”)1
•Consolidated gross margin rate declines 18 basis points on mix of sales
•Consolidated operating expenses as a percentage of net sales down 58 basis points
•Consolidated operating income up $0.9 billion, or 17.3%, operating margin up 34 bps
•ROA at 4.5%; ROI at 12.7%1, negatively affected by discrete charges totaling 140bps in Q3 & Q4 FY23
•Global advertising business2 grew over 30% •Walmart U.S. comp sales up 7.4%3; eCommerce up 27%, led by pickup & delivery
•PhonePe reaches more than $1 trillion in annualized TPV4
•Company commits to build its own EV fastcharging network at thousands of its locations in the U.S
“We had a strong quarter. Comp sales were strong globally with eCommerce up 26%. We leveraged expenses, expanded operating margin, and grew profit ahead of sales. And a big thank you to our associates, who continue to step up and deliver for customers and members whenever and however they want to be served.”
– Doug McMillon President and CEO, Walmart
