Walmart, Inc. delivered strong revenue growth globally with strength in stores and e-commerce in the fiscal fourth quarter ended January 28. Total revenue was $164.0 billion, up 7.3 percent, or 7.9 percent in constant-currency terms.

Walmart U.S. comp sales grew 8.3 percent and 13.9 percent on a two-year stack. E-commerce growth was 17 percent and 18 percent on a two-year stack. Continued to gain market share in grocery. Sam’s Club comp sales increased 12.2 percent, and 22.6 percent on a two-year stack. Membership income increased 7.1 percent with the member count at an all-time high. Walmart International net sales were $27.6 billion, an increase of 2.1 percent and negatively affected by $0.9 billion from currency fluctuations, while constant-currency sales were $28.5 billion, an increase of 5.5 percent. Walmex, China, and Canada led the way.

Global advertising business grew over 20 percent, led by 41 percent growth at Walmart Connect in the U.S.

Consolidated gross profit margin declined 83 basis points for the quarter, primarily due to markdowns and mix of sales.

Consolidated operating expenses as a percentage of net sales decreased 44 basis points primarily due to strong sales growth and lower Covid-related costs, partially offset by reorganization and restructuring charges incurred in the International segment.

Consolidated operating income was $5.6 billion, a decrease of 5.5 percent, including the reorganization and restructuring charges incurred in the International segment. Adjusted operating income was $6.4 billion, an increase of 6.9 percent.

GAAP EPS came in at $2.32 per share. Adjusted EPS was $1.71 per share and excludes the effects of $1.16 from net gains on equity and other investments and 55 cents from charges related to reorganization and restructuring.

For the full year, Walmart saw total revenue of $611.3 billion for the 52-week period ended January 28, up 6.7 percent from the prior year. Revenues were negatively affected by $5.0 billion related to divestitures. Excluding currency, total revenue would have increased 7.4 percent to $615.1 billion.

Walmart U.S. comp sales increased 6.6 percent for the year and 13.0 percent on a two-year stack. Walmart U.S. e-commerce sales grew 12 percent for the year and 23 percent on a two-year stack. Sam’s Club comp sales increased 10.5 percent for the year and 20.3 percent on a two-year stack. Membership income increased 8.6 percent for the year.

Walmart International net sales were flat for the year and operating income declined 21.1 percent. Net sales grew 9.0 percent for the fiscal year and adjusted operating income grew 8.9 percent for retained markets on a constant-currency basis.

Global advertising business grew nearly 30 percent to reach $2.7 billion, led by Walmart Connect in the U.S. and Flipkart Ads.

The company generated $29.1 billion in operating cash flow and returned $16.0 billion to shareholders through dividends and share repurchases.

GAAP EPS came in at $4.27 for the year while adjusted EPS delivered $6.29 per share.

Photo courtesy Getty/Walmart