Walmart Inc. (NYSE: WMT) on Thursday reported first quarter revenue and sales that beat analysts’ estimates, driven by strong e-commerce sales.
The company said total revenue increased 4.4 percent to $122.7 billion in the fir, beating analysts’ estimates of $120.51 billion, according to Thomson Reuters.
Excluding certain items, the company earned $1.14 cents per share in the first quarter, also topping Wall Street’s expectation of $1.12 per share.
Walmart’s US online sales grew 33 percent in the first quarter after they posted a disappointing e-commerce performance in the previous quarter.
"We delivered a solid first quarter, and we're encouraged by the continued momentum across the business. We're transforming to better serve customers. We are changing from within to be faster and more digital, while shaping our portfolio of businesses for the future. Our strong cash flow and balance sheet provide flexibility to do so. I want to thank our associates and our leadership team for the choices they're making, their strong sense of urgency and the actions they're taking. Our people make the difference, and I'm proud to work with them." Doug McMillon President and CEO, Walmart.
Same-store sales rose 2.1 percent, also better than 2 percent.
Walmart also invested to expand oversea. Earlier this month, the company announced to acquired Indian e-commerce firm Flipkart for $16 billion.