• December 3, 2022

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Walmart
WMT
delivered strong revenue growth in the third quarter 2022. The company’s U.S. comp sales grew 8.2% due to strong growth in food and e-commerce was up 16%. Q3 GAAP earnings were –($0.66) compared to last year’s 3rd quarter of $1.11. On an adjusted basis the company reported $1.50 for the third quarter 2022, compared to $.45 in the third quarter last year.

Total company sales for the 13 weeks ended October 29, 2021 were up 8.7% due to strong performance by Walmart U.S. (up $8.2 million), Sam’ s Club (up $2.4 million) as well as Flipkart and Walmex (Walmart Mexico). The company indicated the Walmart U.S. was upo 8.2%. Sam’s Club comparable store sales rose 10.0%. Membership income increased 8.0% and reached an all-time high.

Walmart International sales were $25.3 billion a $1.7 billion increase or 7.1% negatively affected by $1.5 billion from currency fluctuation. Walmex had double digit growth.

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The company noted that global advertising business grew over 30% lead by 40% at Walmart Connect in the U.S. aned strength in Flipkat ads. Thois excludes a 219 basis point impavt for the opioid legal charges reflected in the non—GAAP reconciliation of adjustment income.

The future

The company expects consolidated net sales to grow about 3.0% These earnings are negatively affected about $1.3 billion from currency fluctuation. Walmart U.S. comp sales, excluding fuel, will be up about 5.5% Consolidated sales growth will also be up about 5.5% The fourth quarter will see the completion of sales in U.K. and Japan. For the quarter the comping looks for a per share decline of 3% to 5%

For the full year the Walmart looks fior a consolidated sales growth of 5.5%. Excuding divestitures consolidates sales would be about 6.5%. Comparable store sales will be about 5.5%, net sales would be abou 6.5%. Currency luctuation is expected to be about $4.1 billion for the year. Adjusted earnings per share decline of 6.0% to 7.5%

POSTSCRIPT: Merchandise inventory is 12.5% higher than last year at this time. We are certain that Walmart’s clearances will reduce this high level of merchandise to a manageable level. It promises to be a very promotional holiday season. The customer will benefit from the promotional activity. Flipkart is doing better in India and can become a valuable asset.

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