LONDON (ShareCast) - (ShareCast News) - US retailer Walmart Stores reported fourth quarter earnings which were better than expected, showing a surge in online sales which highlights its ability to keep up with ecommerce-based rivals.
Revenue from its ecommerce sites rose 29% during the final quarter of 2016, more than the likes of esteemed competitor Amazon.

Many experts have written off the ability of traditional retailers as the rise of online shopping continues, unless they are able to adapt to the changing market.

Adjusted earnings per share for Walmart were $1.30, just ahead of the $1.29 expected by analysts. Total revenue was $133.6bn, a 3% increase from the same quarter in 2015.

Comparable store sales were 1.8% higher, significantly better than the 1.3% forecast by analysts before the earnings report.

"We're moving with speed to become more of a digital enterprise and better serve customers," said Walmart president and CEO Doug McMillion.

"We had a very solid fourth quarter with U.S. comp sales growth of 1.8 percent and U.S. e-commerce GMV growth of 36 percent. Our international business is consistently delivering solid sales growth in constant currency...We have more work to do, but I'm pleased with our progress."

Walmart shares finished 3% higher on Tuesday at $2.08, but were 0.62% lower in pre-market trading on Wednesday.

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