Walmart on Thursday posted mixed first-quarter results, and said it was keeping an eye on the trade talks between the US and China. Shares were up 1.3% ahead of the opening bell.
The US’s largest retailer earned an adjusted $1.13 a share as revenue edged up 1% to $123.9 billion. Wall Street analysts surveyed by Bloomberg were expecting adjusted earnings of $1.02 a share on revenue of $124.9 billion.
Meanwhile, US comparable sales ex-gas rose 3.4% year-over-year, making for the fourth straight quarter above 3% growth, as Walmart gained market share in categories including food and consumables.
E-commerce revenue surged 37%, boosted by strength in online gorcery, and home and fashion categories.
“We’re changing to enable more innovation, speed and productivity, and we’re seeing it in our results,” CEO Doug McMillon said in the earnings release. “We’re especially pleased with the combination of comparable sales growth from stores and eCommerce in the U.S.”
The company hinted that the trade battle between Beijing and Washington could cause it to raise prices.
“We’re monitoring the tariff discussions and are hopeful that an agreement can be reached,” said Brett Biggs, executive vice president & CFO at Walmart. “Our goal is to always be the low-price leader, and we will actively manage pricing and margins as warranted with our customers and shareholders in mind.”
Walmart was up 7% this year through Wednesday.
This story is developing. Check back for updates.