Executive Summary

• Walmart reported fiscal 3Q18 adjusted EPS of $1.00, up 2% from the year-ago quarter and beating the $0.97 consensus estimate. Total revenues were $123.2 billion, up 4.2% year over year and beating the consensus estimate of $121.05 billion.
• US comps were up 2.7%, versus consensus of 1.9% and guidance of 1.5%–2.0%, driven by a 1.5% traffic increase and a 1.2% increase in average ticket. US e-commerce sales and gross merchandise volume (GMV) increased by 50% and 54%, respectively.
• The company raised its FY18 adjusted EPS guidance range to $4.38–$4.46 versus $4.30–$4.40 previously and the consensus estimate of $4.37. The company expects US comp growth of 1.5%–2.0% versus the 1.7% consensus estimate.