Walmart reports strong revenue growth of 6.0% with operating income growing faster at 9.6%; adjusted operating income up 13.7%

eCommerce up 21% globally, led by store-fulfilled pickup & delivery and marketplace

GAAP EPS of $0.63; Adjusted EPS of $0.60

Company issues guidance for Q2; updates outlook for FY25

Walmart Inc. (NYSE: WMT):

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First Quarter Highlights:

• Consolidated revenue of $161.5 billion, up 6.0%, or 5.8% (in constant currency), including a benefit of ~1% from an additional selling day
• Consolidated gross margin rate up 42bps due to improvements across segments, led by Walmart U.S.
• Consolidated operating income up $0.6 billion, or 9.6%; adjusted operating income up 13.7%, due to higher gross margins and growth in membership income
• Global eCommerce sales grew 21%, led by store fulfilled pickup & delivery and marketplace
• Global advertising business grew 24%, including 26% for Walmart Connect in the U.S.
• Adjusted EPS of $0.60 excludes the effect, net of tax, from a net gain of $0.05 on equity and other investments and business reorganization charges of $0.02
• Global inventory down 2.7%, including a decrease of 4.2% for Walmart U.S.; in-stock levels healthy

The company will hold a live conference call with the Investment Community at 7 a.m. CST Thursday, May 16, 2024, to discuss the company’s first quarter earnings results for fiscal year 2025. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/news/events and selecting the First Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 255 million customers and members visit approximately 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 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 https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.

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