Executive Summary

• Walmart reported fiscal 4Q19 adjusted EPS of $1.41, up 6.0% from $1.33 in the year-ago quarter and beating the $1.33 consensus estimate. Total revenues were $138.8 billion, up 1.9% year over year and in line with the consensus estimate.
• U.S. comp sales increased 4.2%, ahead of the 3.1% consensus estimate, on a 0.9% traffic increase and a 3.3% ticket increase. Walmart U.S. e-commerce grew 43%.
• Walmart maintained sales guidance of at least 3% and updated EPS guidance to a low single-digit decline (but up by the low-mid single digits excluding Flipkart).