LONDON (ShareCast) - (Sharecast News) - US retail giant Wal Mart delivered better-than-expected quarterly revenues and profits while guiding higher on full-year comparable store sales.
However, commenting on the company's results, its chief executive officer, Doug McMillon, highlighted how digital sales were on track to reach $75bn by the end of 2021 "strengthening our position as a leader in omnichannel".

McMillon also touted Wal Mart's increased market share in US grocery and the drive to commercialise its data and build technology.

For the three months ending in June, the retailer posted a 5.2% increase in comparable or like-for-like sales (FactSet: 3.5%).

Total sales edged up 2.4% to $141.0bn, with divestitures subtracting $8.9bn.

Furthermore, if not for currency tailwinds, sales would have increased by just 0.6% to $138.6bn.

Earnings per shares on a GAAP basis meanwhile fell 33% to $1.52 or $1.78 on an adjusted basis (FactSet: $1.57).

Year-to-date, Wall Mart also said it had turned free cash flow positive to the tune of $7.4bn, versus -$8.0bn of red ink a year ago.

On the outlook, management was now anticipating full-year growth of 5.0-6.0% in its US comparable store sales, up from its prior guidance for "low single-digits" growth.

Full-year EPS was pegged to come in at $6.20-6.35 (FactSet: $6.0).

Year-to-date, Wal Mart had executed around a quarter of the $20bn share repurchase authorisation that it announced earlier in 2021.

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