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Walmart: 'Strong Quarter To Finish Off A Strong Year'

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Walmart has reported on Q4 and FY 22 earnings for the three months and fiscal year ended January 31st, 2022.

  • Walmart Inc. net sales exceed $150 billion in Q4 
  • Walmart U.S. net sales exceed $105 billion in Q4; comp sales1 grew 5.6% Q4 FY22 GAAP EPS of $1.28; Adjusted EPS2 of $1.53 
  • Company guides FY23 in-line with growth algorithm outlined last February 
  • Planned share repurchases of at least $10 billion in FY23

Fourth-quarter highlights

  • Company delivers strong holiday results globally. Total revenue was $152.9 billion, up 0.5%, negatively affected by $10.2 billion due to divestitures.

  • Strong sales in Walmart U.S. with market share gains in grocery. eCommerce sales grew 1% and 70% on a two-year stack.

  • Competitive pricing remains in focus globally. Consolidated gross profit rate up 10 bps; 54 bps in Walmart U.S.

  • Sam’s Club comp sales1 increased 10.4%, and 21.2% on a two-year stack. Membership income increased 9.1%.

  • Walmart International net sales were $27.0 billion, a decrease of $7.9 billion, or 22.6%, negatively affected by $10.1 billion due to divestitures. China, Mexico and Flipkart delivered strong growth.
  • Navigated higher supply chain costs and pandemic-related challenges well, while executing strategic initiatives.

  • Consolidated operating expenses as a percentage of net sales was relatively flat.

  • Consolidated operating income was $5.9 billion, an increase of 7.3%. Adjusted operating income2 increased 5.9%. Both were negatively affected by about 60 basis points due to divestitures.
  • Company prioritizes in-stock levels. Inventory up 26% globally; 28% in the U.S., affected by higher cost of goods, mix, and higher in-transit shipments.

Full-year highlights

  • Total revenue was $572.8 billion, up 2.4%, negatively affected by $32.7 billion related to divestitures. Excluding currency2, total revenue would have increased 1.6% to $568.2 billion.
  • Walmart U.S. comp sales1 increased 6.4% and 15.0% on a two-year stack.

  • Walmart U.S. eCommerce sales grew 11.0% and 90% on a two-year stack.

  • Robust growth in marketplace and fulfillment services in the U.S., Mexico and India. Added approximately 20,000 new sellers to the U.S. marketplace.
  • Global advertising business3 reached $2.1 billion as the company’s flywheel accelerates. In the U.S., active advertisers using Walmart Connect increased 136%.
  • Sam’s Club comp sales1 increased 9.8% and 21.6% on a two-year stack. Membership income increased 11.3%.
  • Walmart International net sales decreased 16.8%, negatively affected by approximately $32.6 billion related to divestitures.
  • The company generated $24.2 billion in operating cash flow and returned $15.9 billion to shareholders through dividends and share repurchases.

  • GAAP EPS of $4.87; Adjusted EPS2 of $6.46.
  • Repurchased $9.8 billion in shares for the fiscal year, representing around 50% of the $20 billion authorization announced last year.

“We had another strong quarter to finish off a strong year. We have momentum in our business in all three segments. We’re being aggressive with our plans and executing on the strategy. It’s exciting to see how the teams are simultaneously navigating today’s challenges and reshaping our business.” Doug McMillon, President and CEO, Walmart

Source : Walmart

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18 February 2022

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