Walmart tops Wall Street’s profit expectations

NEW YORK — Walmart is reporting better-than-expected profit and revenue for the first quarter with rebounding online sales.

Revenue at Walmart stores opened at least a year rose a solid 2.1 percent, the company said Thursday.

It’s an encouraging report from Walmart as it searches for solid footing in a rapidly changing environment which includes a dominant Amazon.com that is encroaching online and in some cases, just down the street.

Walmart, while spending more on its workers to improve the in-store experience, is building fewer big stores and expanding online. It wants to harmonize its growing portfolio of online services with its 4,700 U.S. stores, which could be an advantage while taking on Amazon.com

“Competition in retail remains acute on all fronts, and we believe Walmart is well-positioned to thrive against all competitors in this environment,” said Moody’s Lead Retail Analyst Charlie O’Shea.

Since buying Jet.com for more than $3 billion nearly two years ago, Walmart has continued to buttress its presence online, acquired brands like Bonobos and ModCloth. It has vastly increased the number of goods its sells outside of its stores.

It’s also strengthening delivery to make shopping at Walmart even more attractive. In March, Walmart said it would expand same-day delivery to more than 40 percent of U.S. households, or 100 metro areas by the end of the year.