Walmart Posts Growth in Fiscal Third-Quarter Earnings, Raises Future Revenue Projections
BENTONVILLE, ARK. — Bentonville-based Walmart Inc. (NYSE:WMT) posted growth in earnings during its fiscal third quarter of 2021, which ended Oct. 31. Walmart’s total revenue was $140.5 billion, an increase of 4.3 percent from a year earlier when it was $134.7 billion. These numbers were also higher than Wall Street’s predictions of $135.6 billion, according to CNBC.
According to Refinitiv, the discount retailer’s earnings per share were $1.45 adjusted versus $1.40 expected. Additionally, Walmart’s e-commerce sales increased 8 percent during the fiscal third quarter and 87 percent over a two-year period.
Walmart raised its forecast for the rest of the year, believing it will continue to see growth. Based on full-year guidance, now the retailer expects its adjusted earnings per share will be approximately $6.40 versus its previous projection of between $6.20 and $6.35.
To prepare for the upcoming holiday shopping season, Walmart boosted its inventory by 11.5 percent. More customers shopped at Walmart during the third quarter due to the retailer’s low prices and amid an inflationary period that is causing household items to rise in price, according to CNBC.
Despite the growth in revenue, Walmart’s net income decreased to $3.11 billion, or $1.11 per share. A year prior, the retailer’s net income was $5.14 billion, or $1.80 per share. Walmart’s stock price closed on Tuesday, Nov. 16 at $143.17 per share, down from $150.24 a year ago, a 4.7 percent decrease.