Walmart beat Q3 estimates on Thursday and raised its annual earnings outlook for the second time this year ahead of the holiday season.
's online sales grow 41% in the third quarter, the company said Thursday, fueling an earnings beat and 21 quarters of growth in the U.S.
Programming note: Walmart CEO Doug McMillon will address CNBC's Evolve event next week. Register to attend atTotal revenue grew 2.5% to $127.99 billion from $124.89 billion a year ago. But that fell slightly short of expectations for $128.65 billion. Walmart said the average ticket in the U.S. grew 1.9% compared with a 1.8% increase a year ago. Transactions were up 1.3% in the latest quarter, slightly lower than growth of 1.6% this time last year.The company said e-commerce sales were up 41%, thanks to "strong growth" in online grocery. The company has been calling for U.S. e-commerce sales growth of 35% for the year, which would be slightly less than what it logged in fiscal 2019.
"We need to translate this repetitive food and consumable volume into a stronger Walmart.com business that's profitable over time, so that's what we're working on," the CEO added.with tension brewing internally, as the company still loses money online for all the investments it has made to acquire brands and speed delivery. Walmart said its operating income during the third quarter fell 5.4% from a year earlier.
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