Walmart is proving that even the nation’s largest retailer may not be immune to the economic pressures.
business was on track to reach $75 billion in revenues by the end of the year. The company still hasn’t said whether it has reached that goal yet.
Meanwhile, net sales at Walmart International fell $3.5 billion during the most recent quarter, or 13 percent to $23.8 billion, negatively impacted by $5 billion, due to divestitures. The retailer logged $2.05 billion, down from $2.73 billion during last year’s first quarter, as a result. “Across our businesses, we had a strong top-line quarter,” he said. “We’re grateful to our associates for their hard work and creativity.
Walmart anticipates current quarter revenues will increase about 3 percent, excluding divestitures. U.S. comp sales are also expected to grow — slightly more than 3 percent — excluding fuel, whileFor the full year, the company expects net revenues will rise about 4 percent, excluding divestitures. Walmart U.S. comp sales are expected to increase roughly 3.5 percent, excluding fuel, while earnings per share for the year will decrease about 1 percent, excluding divestitures.
The company ended the quarter with $11.8 million in cash and cash equivalents and more than $32 million in long-term debt. Shares of Walmart, which closed up 0.11 percent Monday to $148.21, are up 6.7 percent, year-over-year.
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