Executive Summary

• Walmart reported fiscal 2Q20 revenues of $130.38 billion, up 1.8% year over year and beating the $130.10 billion consensus estimate. Adjusted EPS was $1.27, down 1.6% year over year and beating the $1.22 consensus estimate.
• US comps increased 2.8%. US e-commerce sales grew 37%, driven by the strength in online grocery.
• For FY20, management lowered guidance for consolidated net sales growth, to around 3% at constant currency, but increased EPS guidance.