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Walmart shares were up 5.11% today, August 16, at the close.

I think it’s fair to call that a relief rally as the company beat lowered earnings and sales forecasts for fiscal second-quarter earnings today. And then confirmed its guidance for the second half of 2022.

Remember that the company had slashed guidance twice in the last three months on May 17 and then again on July 26.

Walmart reported earnings of $1.77 a share against earnings of $1.78 a year earlier. But analysts had revised their forecasts to a projected $1.62 a share.

Revenue in the quarter climbed 8.4% to $152.9 billion. Analysts had forecast revenue of $150.9 billion.

For the third quarter, Walmart expects net sales growth of about 5% along with a 9% to11% decline in adjusted EPS.

For the second half of 2022 Walmart said it expects same-store sales to climb by 3% (excluding revenge from gasoline sales). That would result in 4% same-store sales growth for the full year. Full-year adjusted earnings per share will be down 9% to 11%, the company projected this morning.

In July the company had said that earnings per share would drop 11% to 13%. And analysts had cut their projections to show a drop of 11.9% for earnings.

Walmart is a member of my Jubak Picks Portfolio. The shares are down 7.16% since my April 5, 2022 pick.