Walmart Q4 profits jump 69.5% to $3.7 bn, top estimates
Revenues were up 1.9 per cent at $138.8 billion.
NEW YORK: Walmart reported a jump in fourth-quarter profits Tuesday behind higher sales at US stores and an increased e-commerce business.
The world's biggest retailer, which has been adapting its US stores to the digital era by adding more in-store pickup of smartphone orders, reported profits of $3.7 billion in the quarter ending January 31, up nearly 70 per cent from the year-ago period.
The jump was accentuated because the company's profits in the year-ago period were weighed down with $1 billion in costs associated with paying off debt early.
Revenues were up 1.9 per cent at $138.8 billion.
Comparable sales at US stores increased 4.2 per cent during the quarter. Walmart's American namesake stores account for around two-thirds of overall sales.
The strength of this division helped offset lower sales in Walmart International and Sam's Club, a wholesale chain.
The company, often seen as a rival to Amazon in the retail big leagues, now offers grocery pickup at more than 2,100 of its 4,755 US stores and delivery at nearly 800 locations.
E-commerce sales increased 43 per cent.
"We had a good year," said Walmart Chief Executive Doug McMillon. "Progress on initiatives to accelerate growth, along with a favorable economic development, helped us deliver strong comp sales and gain market share."
Walmart's results translated into earnings per share of $1.41, above the $1.33 expected by analysts. Revenues also topped estimates.
Shares jumped 4.8 per cent to $104.75 in pre-market trading.
The world's biggest retailer, which has been adapting its US stores to the digital era by adding more in-store pickup of smartphone orders, reported profits of $3.7 billion in the quarter ending January 31, up nearly 70 per cent from the year-ago period.
The jump was accentuated because the company's profits in the year-ago period were weighed down with $1 billion in costs associated with paying off debt early.
Revenues were up 1.9 per cent at $138.8 billion.
Comparable sales at US stores increased 4.2 per cent during the quarter. Walmart's American namesake stores account for around two-thirds of overall sales.
The strength of this division helped offset lower sales in Walmart International and Sam's Club, a wholesale chain.
The company, often seen as a rival to Amazon in the retail big leagues, now offers grocery pickup at more than 2,100 of its 4,755 US stores and delivery at nearly 800 locations.
E-commerce sales increased 43 per cent.
"We had a good year," said Walmart Chief Executive Doug McMillon. "Progress on initiatives to accelerate growth, along with a favorable economic development, helped us deliver strong comp sales and gain market share."
Walmart's results translated into earnings per share of $1.41, above the $1.33 expected by analysts. Revenues also topped estimates.
Shares jumped 4.8 per cent to $104.75 in pre-market trading.
