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US-based multinational retailer Walmart has reported its consolidated operating income grew by $3.5bn or 130.1% to $6.20bn in the third quarter (Q3) of fiscal year (FY) 2024, compared with $2.69bn in Q3 FY23.
The company’s generally accepted accounting principles (GAAP) earnings per share (EPS) for the quarter were $0.17 and its adjusted EPS was $1.531.
During the period ending 31 October 2023, Walmart reported consolidated revenue of $160.8bn, an increase of 5.2% from $152.8bn in the same period a year ago.
The company’s net sales rose by 5.3% to $159.4bn globally, driven by 4.4% growth in Walmart US and 10.8% in Walmart International.
Global e-commerce sales increased 15%.
Walmart president and CEO Doug McMillon said: “We had strong revenue growth across segments for the quarter, and we’re excited to get an early start to the holiday season.
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“From a Thanksgiving meal that costs less than last year, to great prices on fashion, toys, electronics, and seasonal decorations, we’re here to help families from around the world make this a special time. 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.”
For the full financial year 2024, Walmart expects its consolidated net sales in constant currency to increase around 5.0% to 5.5% and consolidated operating income to grow nearly 7.0% to 7.5%.
The retailer expects adjusted EPS to be in the range of $6.40 to $6.48 in FY24.
Walmart operates through approximately 10,500 stores and e-commerce websites in 19 countries.
Last month, the retailer announced plans to open 117 remodelled stores in 30 US states.
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