Bentonville / AR. (wama) Walmart Inc. published its financial statements for the fourth quarter of fiscal 2023, that ended in Bentonville on December 31, 2022. Walmart Inc. revenue increased 7.3 percent globally with broad-based strength across segments. Walmart U.S. grew comparable sales 8.3 percent, with E-Commerce growth of 17 percent, Q4-2023 GAAP EPS of USD 2.32; Adjusted EPS of USD 1.71. Summary:
Fourth-quarter highlights:
- Walmart delivered strong revenue growth globally with strength in stores and eCommerce. Total revenue was USD 164.0 billion, up 7.3 percent, or 7.9 percent in constant currency.
- Walmart U.S. comparable sales grew 8.3 percent and 13.9 percent on a two-year stack. eCommerce growth was 17 percent and 18 percent on a two-year stack. Continued to gain market share in grocery.
- Sam’s Club comparable sales increased 12.2 percent, and 22.6 percent on a two-year stack. Membership income increased 7.1 percent with member count at an all-time high.
- Walmart International net sales were USD 27.6 billion, an increase of 2.1 percent and negatively affected by USD 0.9 billion from currency fluctuations, while constant currency sales were USD 28.5 billion, an increase of 5.5 percent. Walmex, China, and Canada led the way.
- Global advertising business grew over 20 percent, led by 41 percent growth at Walmart Connect in the U.S.
- Consolidated gross profit rate declined 83 basis points, primarily due to markdowns and mix of sales.
- Consolidated operating expenses as a percentage of net sales decreased 44 basis points primarily due to strong sales growth and lower Covid-related costs, partially offset by reorganization and restructuring charges incurred in the International segment.
- Consolidated operating income was USD 5.6 billion, a decrease of 5.5 percent, including the charges described above. Adjusted operating income was USD 6.4 billion, an increase of 6.9 percent.
- GAAP EPS of USD 2.32; Adjusted EPS of USD 1.71 excludes the effects of USD 1.16 from net gains on equity and other investments and USD 0.55 from charges related to reorganization and restructuring.
Full-year highlights:
- Total revenue was USD 611.3 billion, up 6.7 percent, negatively affected by USD 5.0 billion related to divestitures. Excluding currency, total revenue would have increased 7.4 percent to USD 615.1 billion.
- Walmart U.S. comparable sales increased 6.6 percent and 13.0 percent on a two-year stack.
- Walmart U.S. eCommerce sales grew 12 percent and 23 percent on a two-year stack.
- Sam’s Club comparable sales increased 10.5 percent and 20.3 percent on a two-year stack. Membership income increased 8.6 percent.
- Walmart International net sales were flat and operating income declined 21.1 percent. Net sales grew 9.0 percent and adjusted operating income grew 8.9 percent for retained markets on a constant currency basis.
- Global advertising business grew nearly 30 percent to reach USD 2.7 billion, led by Walmart Connect in the U.S. and Flipkart Ads.
- The company generated USD 29.1 billion in operating cash flow and returned USD 16.0 billion to shareholders through dividends and share repurchases.
- GAAP EPS of USD 4.27; Adjusted EPS of USD 6.29.
For additional information please read the Company’s PDF file below (157 KB):
20230222-WALMART-Q42022.