LONDON (ShareCast) - (Sharecast News) - US retail giant Walmart lifted its dividend on Thursday as it said it swung to a profit in the fourth quarter.
The company swung to a net profit of $3.6bn from a loss of $2.9bn in the same period a year ago, when it was hit by Covid-related costs. Revenue rose 0.5% to $152.9m and adjusted earnings per share were $1.53 during the quarter, coming in 3 cents ahead of analyst expectations.

Like-for-like sales rose 5.6%, but this was down from an 8.6% increase in the fourth quarter of the prior year.

The company declared an annual dividend of $2.24 per share, up 2% on the previous year. It also reiterated guidance for FY23 earnings per share growth in the mid-single digits, while comparable sales growth is seen at "slightly above" 3%.

President and chief executive officer Doug McMillon said: "We had another strong quarter to finish off a strong year. We have momentum in our business in all three segments. We're being aggressive with our plans and executing on the strategy. It's exciting to see how the teams are simultaneously navigating today's challenges and reshaping our business."

At 1345 GMT, the shares were up 0.7% in pre-market trade at $134.50.

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