Walmart (WMT) Tops Q1 EPS by 48c, Revenue Beats, Offers Guidance
Walmart (NYSE: WMT) reported Q1 EPS of $1.69, $0.48 better than the analyst estimate of $1.21. Revenue for the quarter came in at $138.3 billion versus the consensus estimate of $131.95 billion.
- Walmart U.S. Q1 comp sales1 grew 6.0%; 16.0% on a two-year stack
Fiscal 2022 Q2 and full-year guidance
The following guidance reflects the company’s updated expectations for fiscal year 2022 and is provided on a non-GAAP basis as the company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and externally adjusted items. Prior year results are on an adjusted basis. The company’s updated guidance assumes COVID-19 conditions continue to improve as well as no significant additional government stimulus packages for the remainder of the year.
| Metric | Prior FY22 Guidance | Updated FY22 Guidance | ||||||
| Consolidated net sales | Decline in constant currency •Excluding divestitures1, consolidated net sales growth up low single-digits | Decline low single-digits in constant currency •Excluding divestitures1, consolidated net sales growth up low-to-mid single-digits | ||||||
| Comp sales growth | •Walmart U.S., up low single-digits, ex. fuel •Sam’s Club, up low single-digits, ex. fuel and tobacco | No change | ||||||
| Walmart International net sales | Decline in constant currency •Higher growth percentage than U.S., excluding divestitures1 | Decline 20-25% in constant currency due to divestitures1 •Increase mid single-digits, excluding divestitures1 | ||||||
| Consolidated expense leverage | Maintain rate, or slightly deleverage | Maintain rate, or slightly leverage | ||||||
| Consolidated operating income | Decline slightly in constant currency •Flat to up slightly, excluding divestitures1 | Increase mid single-digits in constant currency •Increase high single-digits, excluding divestitures1 in constant currency | ||||||
| Walmart U.S. operating income | Increase slightly | Increase high single-digits | ||||||
| Effective tax rate | 24.5% to 25.5% | No change | ||||||
| EPS | Decline slightly •Flat to up slightly, excluding divestitures1 | Increase high single-digits •Increase low double-digits, excluding divestitures1 | ||||||
| Capital expenditures | Around $14 billion with a focus on supply chain, automation, customer-facing initiatives and technology | No change | ||||||
| Metric | Prior Q2 FY22 Guidance | Updated Q2 FY22 Guidance | ||||||
| Comp sales growth | N/A | Walmart U.S., up low single-digits, excluding fuel | ||||||
| Consolidated operating income | Decline mid-to-high single-digits | Decline low-to-mid single-digits •Up slightly, excluding divestitures1 | ||||||
| EPS | Decline mid-to-high single-digits | Decline low single-digits •Up low single-digits, excluding divestitures1 | ||||||
For earnings history and earnings-related data on Walmart (WMT) click here.