BENTONVILLE, Ark. (AP) — Walmart is raising its outlook for the year after beating all expectations for the second quarter and registering the strongest same-store sales growth in a decade.
Shares surged 7 percent before the opening bell Thursday.
The Bentonville, Arkansas, retailer had a loss of $861 million, or 29 cents because of some sizeable investments. Adjusted for those one-time costs, however, per-share earnings were earnings were $1.29 per share, easily topping Wall Street projections of $1.21 per share, according to Zacks Investment Research.
Walmart Inc. posted revenue of $128.03 billion, also beating projections.
Sales at existing stores jumped 4.5 percent and e-commerce sales grew 40 percent.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WMT at https://www.zacks.com/ap/WMT