Walmart raises earnings forecast for year after jump in quarterly sales

Walmart raises earnings forecast for year after jump in quarterly sales

FILE PHOTO: Walmart signs are displayed inside a Walmart store in Mexico City, Mexico, March 28, 2019. REUTERS/Edgard Garrido/File Photo

WASHINGTON (Reuters) – U.S. retailer Walmart Inc (WMT.N) on Thursday reported an estimate-beating jump in second-quarter U.S. comparable sales, and boosted its earnings forecast for the year.

Sales at U.S. stores open at least a year rose 2.8%, excluding fuel, in the quarter ended July 31. Analysts estimated growth of 2.07%, according to IBES data from Refinitiv.

Adjusted earnings per share increased to $1.27 per share, beating expectations of $1.22 per share.

Online sales surged 37%, in line with the previous quarter’s increase and higher than the company’s expectation.

Total revenue was up 1.8% at $130.4 billion, beating analysts’ estimates of $130.1 billion.

Reporting by Nandita Bose in Washington; Editing by Bernadette Baum

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