Walmart Inc., the world’s largest retailer raised full year guidance as earnings beat estimates due in part to an increase in the grocery business.
Net sales in the 2023 first quarter for Walmart U.S. increased 4% to $96.9 billion over the first quarter of 2022. Walmart International net sales in the first quarter of 2023 decreased 13% to $23.8 billion, from $27.3 billion in last year’s first quarter. Sam’s Club net sales increased 17.5% to $19.6 billion, from $16.7 billion a year earlier.
The company’s guidance assumes a generally stable consumer in the U.S., higher supply chain costs, continued pressure from inflation and a mix of products and formats globally. Prepaid expenses and other current assets were $83.2 billion on April 30, 2022, up from $81.07 billion in 2021. Highlights from the international business included the launch of Flipkart Health+ in India, following Walmart’s acquisition of online pharmacy platform SastaSundar.com. “It’s enabling us to increase access to affordable care in that country. The team recently launched the Flipkart Health+ app, which is available on low bandwidths so it's useable for more people in more cities.
“Around the world, we can help our customers and members transact seamlessly, digitally, and help them strengthen their lives financially,” McMillion said. “In Walmart U.S., our sales performance was ahead of plan and we continued to gain share in grocery. Inflation is lifting the average ticket and our transaction count in stores went up slightly versus last year. Overall basket size is up as you would expect, but units per basket are down a bit.
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