Why Walmart Stock Was Up Earlier Today
Shares of Walmart (NYSE: WMT) were up 5% as of 10:10 a.m. ET on Tuesday after the retailer announced results for the fiscal second quarter of 2023. The company reported a 6.5% increase in U.S. same-store sales, up from 3% in the previous quarter. Adjusted earnings per share came in at $1.77, beating analysts' estimates of $1.63.
The stock has recovered some of the recent losses that occurred following the fiscal first-quarter earnings report three months ago. Year to date, Walmart has outperformed the S&P 500, down just 3.2% compared to a 10% decline for the index.
The quarter went much better than the previous outing, when Walmart's profitability took a hit over unfavorable pricing and staffing levels, as well as higher container and storage costs. This time, operating expenses decreased slightly as a percentage of net sales, which helped the company beat earnings expectations.
Source Fool.com
