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Thursday, August 16, 2018

=Wal-Mart (WMT) reported earnings on Thur 16 Aug 2018 (b/o)

Wal-Mart beats by $0.07, beats on revs; raises FY19 guidance
  • Reports Q2 (Jul) earnings of $1.29 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $1.22; revenues rose 4.2% year/year to $127.06 bln vs the $124.67 bln S&P Capital IQ Consensus.
  • U.S. comps were +4.5% vs. estimates for +2.4%, led by the performance of grocery, apparel and seasonal. Strong comp sales were supported by traffic and ticket growth as each exceeded 2.0%. Sam's Club comp sales increased 5.0%, the strongest growth in six years.
  • Update on Flipkart Group
    • On Aug. 8, 2018, the Competition Commission of India issued an unconditional approval for the company's investment in Flipkart, which satisfies one of the conditions to the closing of the company's investment in Flipkart. The transaction is expected to close as soon as reasonably practicable after the satisfaction or waiver of the remaining closing conditions.
  • Co raises guidancefor FY19, sees EPS of $4.90-5.05 (Prior $4.75-5.00), excluding non-recurring items, vs. $4.80 S&P Capital IQ Consensus; sees consolidated net sales +~2% in CC (Prior +1.5-2% in CC), sees Walmart US comp sales (ex-fuel) +~3% (Prior up at least 2%), sees Sam's comps +~3% (Prior down 1% to flat). The guidance does not include the expected impact of the company's investment in Flipkart, including interest related to the purchase, as the transaction has not yet closed.

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