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Grocery, online sales spur Walmart earnings

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May 22, 2023

Grocery growth and e-commerce results are prompting Walmart to be a bit more optimistic about its full-year projections as its fiscal Q1 sales jumped nearly 8%.

The giant retailer bested analyst expectations on earnings and revenue, according to a CNBC report. Walmart expects consolidated net sales will grow 3.5% in the fiscal year. While customers are buying fewer discretionary items they're still spending, according to Walmart CFO John David Rainey.

"We're seeing in these economic indicators that there is some strain on the consumer, but the resilience has surprised us," he told CNBC. "And I think that's in part probably because balance sheets are much stronger than they were pre-pandemic, even at this point."

For the first quarter, which ended April 30, Walmart reported revenue of $152.3 billion and earnings per share of $1.47.