Executive Summary

• Walmart reported fiscal 1Q19 net sales of $121.6 billion, up 4.4% year over year and beating the $119.3 billion consensus estimate. US comps increased by 2.1% in the quarter. Adjusted EPS was $1.14, beating the $1.12 consensus estimate.
• Walmart US’s net sales were $77.7 billion, up 3.1% year over year. Walmart International reported net sales of $30.3 billion, up 11.7% year over year, and Sam’s Club reported net sales of $13.6 billion, down 2.7% year over year.
• Walmart is repositioning its portfolio of businesses, including by investing in Flipkart, which Walmart expects to negatively impactful-year EPS by approximately $0.25–$0.30.