Retail behemoth Walmart Inc WMT reported Tuesday morning with such a strong second-quarter earnings beat that it even shocked a former top Bentonville executive.
Walmart Q2 Recap: Walmart said it earned $1.56 per share in the second quarter on revenue of $137.74 billion versus expectations of $1.25 per share and revenue of $135.48 billion.
Same-store sales were 9.3% higher in the quarter, and this was nearly twice as much as the 5.4% gain analysts were modeling.
Walmart's U.S. e-commerce sales were up by 97% for the second quarter, up from 74% growth in the first quarter.
Beyond Expectations: Walmart reported a "phenomenal quarter" that was above and beyond what ex-Walmart U.S. CEO Bill Simon would have thought possible, he said on CNBC's "Squawk Box."
Most notably, the former Walmart exec said operating income grew 9% in the quarter despite heavy investments in shifting the business online.
The strong performance wouldn't be possible without an excellent management team led by CEO Doug McMillon and CFO Brett Biggs, who is "one of the best" in the country, Simon said.
Amazon Is Paying Attention: Walmart's online business is running hot as the company integrates the digital component with its physical store base, Charlie O'Shea, retail analyst at Moody's, also said on "Squawk Box."
Retail rival Amazon.com, Inc. AMZN is paying attention and now has to be asking how it can compete with Walmart, rather than the other way around, he said.
WMT Price Action: Walmart shares were down 1.2% at $133.97 at last check Tuesday.
Photo courtesy of Walmart.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.