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Author: Alan LittleDate: 2021-05-19

Walmart (WMT) +2.40% after Q1 beats, raised earnings forecast

Walmart (WMT) said that “every segment performed well” in Q1 as the world’s biggest retailer comfortably beat Wall Street forecasts and its shares climbed 2.40% during trading in New York. 


Early in the day, Walmart came in with $1.69 earnings per share for the three months to 30th April, which was a 43.2% rise from a year ago and 48 cents ahead of the consensus. 


Group revenues, supported by a 6% rise in same-store sales in the US and a 37% spike in digital sales, also climbed 2.75% to $138.31bn to top the $132.1bn expectations.  


CEO Doug McMillon said that Walmart had a “strong quarter” and that it was now more optimistic about the future compared to earlier in the year.  


He added: “We have a strong position as our store environment improves and eCommerce continues to grow”. 


McMillon noted that the second half of 2021 will have “more uncertainty than a typical year”, though he still expects demand to remain robust during that period. 


Walmart’s latest beats coupled with a more favourable trading environment have boosted internal expectations. 


It now expects earnings to rise between 6% and 9% compared to the previously guided modest decline.  


Investors appeared to be happy with Walmart’s latest showing as the company’s shares advanced 2.40% to $142.22 in the late afternoon on Tuesday. 


Several other stocks were also making gains in midweekincluding MGM Resorts (MGM), Paysafe (PSFE), and CVS Health (CVS). 


MGM Resorts jumped 4.4% after J.P. Morgan’s Joseph Greff set a higher overweight rating, added $2 to a new $47 price target, and said that there was now a buying opportunity for investors.  


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