News

Walmart beats earnings expectations in Q3

November 15, 2018

Global retail leader Walmart beat analysts' expectations for Q3, reporting earnings per share of $1.08, compared to the predicted $1.01, and enjoyed a 3.4 percent increase in comparable store sales.

The growth, according to a Yahoo report, was driven by the retailer's e-commerce strategy. Its U.S. online sales grew 43 percent in the quarter. Yet net revenue did not meet projections of $125.49 billion, coming in at $124.9 billion.

"We continue to see strong comp store sales," CEO Doug McMillon said in a release on the earnings report.

"Our results reflect not only value our customers are finding in our offer, and a lot of hard work from the team, but certainly some macro tailwinds as well, especially in the U.S."

The retail giant is "aggressively" deploying U.S. online grocery pickup options, according to the statement.

"We now have nearly 2,100 grocery pickup locations and we'll have about 700 pick-up towers by the end of this fiscal year. We're moving quickly on this front as well, and by the end of the year we'll cover about 40 percent of the population with delivery through about 800 stores," McMillon said in the statement.