Wal-Mart Stores Inc. has reported on its performance for the first quarter ended 30 April, with sales coming in 1 per cent higher at US$113.4bn and total revenue also up 1 per cent to US$114.2bn.
Consolidated net income for the three-month period was US$3.8bn, up 1.1 per cent year-on-year, while the company's diluted earnings per share (EPS) were 4.6 per cent higher at US$1.14.
“In a quarter marked by considerable headwinds to top-line sales, Walmart delivered solid EPS growth,” said Walmart president and CEO Mike Duke. “Walmart’s mission is simple and focused – to help people save money so they can live better. When we simplify and focus our execution against this mission, it’s easy for our associates to prioritise what they have to do to serve our customers.
“Our expectations about our US businesses’ performance, coupled with more discipline in International, will allow us to improve our performance throughout the year,' he added.
E-commerce sales were particularly strong during the quarter, Duke noted, with growth of 30 per cent.
“There is no doubt that our company is making the right investments in e-commerce to differentiate ourselves and become a better Walmart,” noted Duke. “And with our sales growth in the first quarter, we believe our investments are paying off.”
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