Executive Summary

• Walmart reported 3Q19 adjusted EPS of $1.08, up 8.0% from $1.00 in the year-ago quarter and beating the $1.01 consensus estimate. Total revenues were $124.9 billion, up 1.4% year over year but below the consensus estimate of $125.4 billion.
• US comp sales increased by 3.4%, ahead of the 3.1% consensus estimate, on a 1.2% increase in traffic and a 2.2% increase in ticket. E-commerce growth accelerated to 43%.
• Walmart raised 2019 adjusted EPS guidance to $4.75–$4.85 from $4.65–$4.80 and raised comp guidance to at least 3% from “about 3%.”