Walmart beats earnings estimates

 Walmart beats earnings estimates

Walmart beats earnings estimates.

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American retail corporation Walmart reported its fiscal third quarter earnings on Tuesday, beating Wall Street estimates.

Walmart announced earnings per share that rose to $1.45 vs the $1.40 expected. Its revenue was up 4.3% to $140.5 billion vs $135.60 billion expected. Compared to a year earlier, U.S. e-commerce sales rose 8% and an eye-popping 87% vs two years earlier. Same-store sales in the U.S. rose 9.2%.

Facing soaring inflation, consumers flocked to Walmart shops to buy discounted household staples. They are also getting ready for its upcoming offers. Walmart has announced its Black Friday deals starting on November 22 on items such as TVs, game consoles and Apple accessories.

Following the results, Walmart Chief Financial Officer Brett Biggs said in an interview that Walmart has always been an “inflation fighter for customers.”

“Our scale and the production breadth that we have allows us to do things in a way that is beneficial to customers and beneficial to shareholders.” Biggs told CNBC.

CNBC’s Jim Cramer described Walmart as a “share taker”.

“Walmart is keeping prices down aggressively and therefore their gross margins are down. But they are taking share from everybody.” Cramer said, adding that “This is the moment to take share during the inflationary period.”

Walmart has positioned itself as a retailer that is able to weather the inflation storm by offering “everyday low price”, a marketing strategy that promises customers the lowest price without a sales event or a coupon.

Walmart’s Black Friday sale will go live in the U.S. on Monday November 22 at 7pm and their in-store sale will launch on Friday, November 26 at 5pm.

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