Walmart U.S. Q1 comp sales grew 10.0% and Walmart U.S. eCommerce sales grew 74%
May 19 2020 - 7:00AM
Business Wire
Q1 FY21 GAAP EPS of $1.40; Adjusted EPS of
$1.18, Company incurs incremental costs related to COVID-19 of
nearly $900 million, Provides update on the business amid global
health pandemic
Walmart Inc. (NYSE: WMT):
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First-quarter highlights
- The company’s net sales and operating results were
significantly affected by the outbreak of COVID-19. Unprecedented
demand for products across multiple categories led to strong
top-line results. Certain incremental costs negatively affected
operating income, including costs associated with enhanced wages
and benefits as well as safety and sanitation.
- Total revenue was $134.6 billion, an increase of $10.7 billion,
or 8.6%. Excluding currency, total revenue would have increased
9.7% to reach $135.9 billion.
- Walmart U.S. comp sales increased 10.0%, led by strength in
food, consumables, health & wellness and some general
merchandise categories.
- Walmart U.S. eCommerce sales grew 74% with strong results for
grocery pickup and delivery services, walmart.com and
marketplace.
- Due to continued strength of the Walmart.com brand, the company
will discontinue Jet.com. The acquisition of Jet.com nearly four
years ago was critical to accelerating our omni strategy.
- Sam’s Club comp sales increased 12.0%, led by in-club
transactions. eCommerce sales grew 40%. Reduced tobacco sales
negatively affected comp sales by approximately 410 basis
points.
- Net sales at Walmart International were $29.8 billion, an
increase of 3.4%. Changes in currency rates negatively affected net
sales by approximately $1.3 billion. As a reminder, with the
exception of Canada, all other international markets report on a
one month lag.
- Consolidated gross profit rate declined 66 basis points
primarily as a result of the carryover of investments in price from
last year, a shift in the sales mix to lower-margin categories and
channels as well as some markdowns in general merchandise.
- Consolidated operating expenses leveraged 62 basis points
despite incremental costs related to COVID-19.
- Consolidated operating income was $5.2 billion, an increase of
5.6% and included lower losses in Walmart U.S. eCommerce compared
to Q1 FY20. Excluding currency, operating income would have
increased 6.6%.
- Adjusted EPS excludes only the effects of an unrealized gain of
$0.22, net of tax, on the company’s equity investment in
JD.com.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save
money and live better - anytime and anywhere - in retail stores,
online, and through their mobile devices. Each week, over 265
million customers and members visit approximately 11,500 stores
under 56 banners in 27 countries and eCommerce websites. With
fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2
million associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting
http://corporate.walmart.com, on Facebook at
http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart.
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