WMT - Why Walmart Stock Jumped 29% in the First Half of 2024
2024-07-15 15:45:12 ET
Shares of retail giant Walmart (NYSE: WMT) were up 28.8% in the first half of 2024, according to data provided by S&P Global Market Intelligence . This compares to a 14.5% return for the S&P 500 during this time. Through mid-May, Walmart was only outperforming the market by a trivial amount. But after it reported financial results for its fiscal first quarter of 2025 on May 16, Walmart stock took a pronounced jump higher.
Walmart's fiscal 2024 ended in January. And during the fiscal year, the company's total revenue jumped 6% year over year to nearly $650 billion, and net income took a big 44% jump to over $16 billion. Those were good numbers.
Moreover, Walmart had a highly publicized 3-for-1 stock split in February. Both the earnings report and the split news seem to have given Walmart stock a boost early in the year. But again, the bigger jump came later, as seen in the chart.
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Why Walmart Stock Jumped 29% in the First Half of 2024