After Target Corporation (NYSE: TGT) posted a significant earnings gain but also left out the ‘drum rolls’ from its holiday quarter outlook, Walmart Inc (NYSE: WMT) also topped third quarter earnings and revenue estimates along with giving out a cautious guidance. Upon the report, Walmart shares tanked more than 7% during morning trading despite the retail giant making money in new ways such as through selling ads and its Walmart+ membership with which it is challenging no other than the e-commerce titan, Amazon.com Inc (NASDAQ: AMZN).
Third Quarter Highlights
For the quarter that ended on October 31st, Walmart reported revenue of $160.80 billion, topping LSEG’s estimate of $159.72 billion. Revenue rose on the back of the grocery business that thrived from high inflation and strong digital sales. Walmart U.S. comparable sales rose 4.9% YoY, followed by 3.8% YoY growth reported by Sam’s Club. U.S. shoppers both visited and spent more, with transactions rising 3.4% and the average ticket growing 1.5% YoY. Also, U.S. e-commerce ...