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Walmart Inc on Thursday celebrated improved performances in revenue and operating income over the first quarter, while its net income fell on increased expenses.
For the three months ended April 30, the Bentonville, Arkansas-based retailer reported group total revenue of $152.30 billion, up 7.6% from $141.57 billion year-on-year.
Walmart attributed this to ‘strength across all operating segments’, and a strong growth in membership income globally.
Group operating income also rose, up 17% to $6.24 billion from $5.32 billion a year prior.
However, net income fell 9.8% to $1.90 billion from $2.10 billion. Diluted net income per share was $0.62, down 16% from $0.74.
This decline came as expenses increased. Group cost of sales were $115.28 billion, up 7.9% from $106.85 billion, while operating, selling, general and administrative expenses rose 7.4% to $30.78 billion from $29.40 billion.
Walmart declared a dividend of $2.28 for the quarter, up from $2.24 a year prior.
Looking ahead, the company set its guidance for financial 2024. It expects net sales to increase by 3.5%, and operating income to increase between 4.0% and 4.5%. Adjusted earnings per share are expected to be between $6.10 and $6.20.
Walmart shares were 1.6% higher at $151.86 in the New York pre-market on Thursday.
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