Walmart U.S. grew comp sales 3.0% and gained market share in grocery

Q1 FY23 GAAP EPS of $0.74; Adjusted EPS of $1.30

Company provides updated outlook for Q2 and full year

Walmart Inc. (NYSE: WMT):

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First-quarter highlights:

• Company delivered strong top-line growth globally. Total revenue was $141.6 billion, up 2.4%, or 2.6% in constant currency. Growth negatively affected by $5.0 billion due to divestitures and $0.4 billion from currency.
• Walmart U.S. comp sales grew 3.0% and 9.0% on a two-year stack. eCommerce growth was 1%, or 38% on a two-year stack.
• Sam’s Club comp sales increased 10.2%, and 17.4% on a two-year stack. Membership income increased 10.5%.
• Walmart International net sales were $23.8 billion, a decrease of $3.5 billion, or 13.0%, negatively affected by $5.0 billion due to divestitures, and $0.4 billion from currency fluctuations. Positive comps across all markets.
• Global advertising business grew more than 30%.
• Consolidated gross profit rate declined 87 basis points, primarily due to Sam’s Club and 38 basis points in Walmart U.S. on elevated supply chain costs and product mix.
• Consolidated operating expenses as a percentage of net sales increased 45 basis points, primarily due to increased wage costs in Walmart U.S.
• Consolidated operating income was $5.3 billion, a decrease of 23.0%, negatively affected by $0.3 billion from divestitures.

The company will hold a live conference call with the Investment Community at 7 a.m. CDT on Tuesday, May 17, 2022, to discuss the company’s first quarter earnings results for fiscal year 2023. The event will be webcast live and accessible by logging onto https://corporate.walmart.com/newsroom/financial-events and selecting the First Quarter Earnings Release event

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online and through their mobile devices. Each week, approximately 230 million customers and members visit approximately 10,500 stores and clubs under 46 banners in 24 countries and eCommerce websites. With fiscal year 2022 revenue of $573 billion, Walmart employs 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.

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