Shares of Wal-Mart headed higher on Thursday and hit an all-time new high after the company reported its fiscal third quarter earnings report.
Shares soared over 10% as the retailer revealed that same-store sales in its U.S. locations had climbed for the 13th straight quarter.
For the third quarter, the company reported EPS of $1 a share, excluding items. Estimates had called for 97 cents a share.
Revenue at $123.18 billion was also higher than the $121 billion expected by the Street.
CEO Doug McMillon commented, “We have momentum, and it’s encouraging to see customers responding to our store and eCommerce initiatives.”
“Existing customers have become advocates for popular initiatives like online grocery and free two-day shipping, and as a result, new customers, suppliers and partnerships are coming to Walmart.”
Charlie O’Shea, a retail analyst at Moody’s said, “Market share in the critical food category continues to grow as the expansion of its buy-online/pick-up in store capability is driving increased sales, and the focus on improving working capital continues.”
“As usual, we expect Walmart to largely set the tone on multiple fronts and in multiple categories for the Holiday season.”
Look ahead, the company’s CFO Brett Biggs, said, “We expect top line growth going forward to be led more by comp sales and eCommerce with less emphasis on new units in the U.S. We’re prioritizing eCommerce, technology, supply chain and store remodels over new stores and clubs.”
Disclaimer: We have no position in Wal-Mart Stores Inc. (NYSE: WMT) and have not been compensated for this article.