Walmart revenue growth of 7.6%; operating income growing faster at 17.3%; eCommerce up 26% globally; Q1 FY24 GAAP EPS of $0.62; Adjusted EPS of $1.47; Company guides Q2 and raises FY24 outlook

Walmart Inc. (NYSE: WMT):

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First-quarter highlights:

• Consolidated revenue of $152.3 billion, up 7.6%, or 7.7% in constant currency
• Consolidated gross margin rate declines 18 basis points on mix of sales
• Consolidated operating expenses as a percentage of net sales down 58 basis points
• Consolidated operating income up $0.9 billion, or 17.3%, operating margin up 34 bps
• ROA at 4.5%; ROI at 12.7%, negatively affected by discrete charges totaling 140bps in Q3 Q4 FY23
• Global advertising business grew over 30%
• Walmart U.S. comp sales up 7.4%; eCommerce up 27%, led by pickup delivery
• PhonePe reaches more than $1 trillion in annualized TPV
• Company commits to build its own EV fast-charging network at thousands of its locations in the U.S.

The company will hold a live conference call with the Investment Community at 7 a.m. CDT Thursday, May 18, 2023, to discuss the company’s first quarter earnings results for fiscal year 2024. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/newsroom/financial-events and selecting the First Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 240 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 20 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.

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