Walmart: Operating income grew 17 percent in Q1-2024

Bentonville / AR. (wama) Walmart Inc. announces first quarter 2024 results, including strong revenue and operating income growth of 7.6 percent and 17.3 percent, respectively. Operating expense leverage, along with progress from the Company’s connected value streams, including advertising, helps deliver operating margin expansion. The Company sees strong comp sales globally, including 7.4 percent for Walmart U.S., as its omnichannel model continues to resonate with customers and members. President and CEO Doug McMillon: «We had a strong quarter. Comp sales were strong globally with eCommerce up 26 percent. We leveraged expenses, expanded operating margin, and grew profit ahead of sales. And a big thank you to our associates, who continue to step up and deliver for customers and members whenever and however they want to be served.»

First Quarter Highlights

  • Consolidated revenue of USD 152.3 billion, up 7.6 percent, or 7.7 percent in constant currency
  • Consolidated gross margin rate declines 18 basis points on mix of sales
  • Consolidated operating expenses as a percentage of net sales down 58 basis points
  • Consolidated operating income up USD 0.9 billion, or 17.3 percent, operating margin up 34 bps
  • ROA at 4.5 percent, ROI at 12.7 percent, negatively affected by discrete charges totaling 140bps in Q3-2023 and Q4-2023
  • Global advertising business grew over 30 percent
  • Walmart U.S. comp sales up 7.4 percent, eCommerce up 27 percent, led by pickup + delivery
  • PhonePe reaches more than USD 1 trillion in annualized TPV
  • Company commits to build its own EV fast charging network at thousands of its locations in the U.S.
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