(Updated - August 16, 2022 7:03 AM EDT)

Walmart (NYSE: WMT) reported Q2 EPS of $1.77, $0.14 better than the analyst estimate of $1.63. Revenue for the quarter came in at $152.9 billion versus the consensus estimate of $150.93 billion.

• Walmart U.S. grew comp sales 6.5%

Third quarter and Fiscal Year 2023 guidance:

The following guidance reflects the company’s expectations for Q3 and fiscal year 2023 and is provided on a non-GAAP basis as the company cannot predict certain elements which are included in reported GAAP results, including the changes in fair value of the company’s equity and other investments. Growth rates reflect an adjusted basis for prior year results. The company’s guidance assumes a generally stable consumer in the U.S., continued pressure from inflation and mix of products and formats globally.
Third quarter

• Consolidated net sales growth of about 5%, negatively affected by approximately $1.3 billion from currency fluctuations.
• Walmart U.S. comp sales, excluding fuel, of about 3.0%.
• Consolidated operating income decline of 8.0% to 10.0%.
• Adjusted earnings per share decline of 9.0% to 11.0%.

Fiscal Year 2023
The company updates its guidance for the fiscal year to reflect second-quarter performance and maintains its outlook for the back-half of the year.

• Consolidated net sales growth is expected to be about 4.5%. Excluding divestitures3, consolidated net sales growth is expected to be about 5.5%. Based on current exchange rates, the company expects a headwind of about $2.1 billion in the second half of the year.
• The company maintains its expectations for Walmart U.S. comp sales growth, excluding fuel, of about 3% in the second half of the year. For the full year, the company expects Walmart U.S. comp sales growth, excluding fuel, of about 4%.
• Consolidated adjusted operating income is expected to decline 9.0% to 11.0%, which improved from the company’s prior guidance of a decline of 11.0% to 13.0% and reflects better performance in the second quarter. Excluding divestitures3, consolidated adjusted operating income is expected to decline 8.0% to 10.0%.
• Adjusted earnings per share are expected to decline 9.0% to 11.0%. Excluding divestitures3, adjusted earnings per share is expected to decline 8.0% to 10.0%.

For earnings history and earnings-related data on Walmart (WMT) click here.