Wal-Mart Stor...+0.78%
Walmart's revenue up 2.4% to $141.6B in Q1
Walmart Inc. announced on Tuesday its revenue in the first fiscal quarter of 2023 reached $141.6 billion, a 2.4% increase compared to the same three-month period last year.
The firm's net income dropped by 24.8% on the year in the quarter ended April 30, to amount to $2.05 billion. Its diluted earnings per share (EPS) dove 23.7% on an annual comparison basis to $0.74 in the year's first quarter. The company updated its guidance for the full fiscal year to an expected increase of 4% in net sales, while EPS is seen as decreasing by 1%.
"Bottomline results were unexpected and reflect the unusual environment. U.S. inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected," CEO Doug McMillon said.
The firm's shares tumbled over 6% in the premarket after the announcement.