Walmart’s first quarter earnings surpassed analysts’ expectations, amidst strong same-store sales in the U.S. coupled with the retail giant ‘s burgeoning online business.
The company’s earnings per share of $1.13 edged past analysts’ estimates of $1.02. Revenue of $123.93 billion, though, fell shy of an estimated $125.03 billion.
Walmart’s U.S. same-store sales growth came in at +3.4% in the quarter, exceeding the expected +3.3% increase. It is the fastest first quarter growth for the company’s comparable store sales in 9 years.
On the back of solid growth in its online grocery business and strong sales in its home and fashion segments, Walmart experienced a +37% year-over-year growth in its U.S. e-commerce sales in the first quarter.
Walmart only seems to be getting more and more relentless in its e-commerce expansion goals. Earlier this week, Walmart announced its NextDay delivery service, which will offer one-day delivery of over 200,000 items - after Amazon expressed plans, on April 25, to beef up one-day delivery services for its Prime members.