Walmart beats expectations with 7.3% sales growth in Q1 2024
Walmart has reported strong financial results for the first quarter of its fiscal year. The retail giant saw sales climb by 7.3%, reaching $177.75 billion—higher than analysts had predicted. Comparable sales at its U.S. stores also grew by 4.1% during the three months ending April 30. The company’s first-quarter earnings came in at $5.33 billion, or 67 cents per share. Adjusted earnings matched expectations at 66 cents per share. Walmart attributed its performance to improved shopping experiences, a wider product range, and faster delivery options.
Looking ahead, Walmart maintained its annual earnings forecast. It expects per-share profits to stay between $2.75 and $2.85 for the year. For the second quarter, the company predicts earnings of 72 to 74 cents per share. Sales growth is also projected to continue. Walmart anticipates a 4% to 5% increase in second-quarter sales compared to last year. For the full year, it expects overall sales to rise by 3.5% to 4.5%. The retailer has also expanded its customer base. Recent gains include more shoppers from higher-income households, with market share growth among families earning over $100,000 a year.
Walmart’s latest results highlight steady growth in sales and earnings. The company’s focus on convenience and variety appears to be attracting a broader range of customers. With solid projections for the coming months, the retailer remains on track for a strong financial year.
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