Executive Summary

• Walmart reported fiscal 2Q19 adjusted EPS of $1.29, up 19.4% from $1.08 in the year-ago quarter and beating the $1.22 consensus estimate. Total revenues were $128.0 billion, up 3.8% year over year and ahead of the consensus estimate of $126.0 billion.
• US comp sales increased by 4.5%, ahead of the 2.4% consensus estimate, on greater than 2% increases in both traffic and ticket. E-commerce accelerated to 40% growth.
• Walmart raised FY19 sales growth guidance to about 2.0% from up 1.5%–2.0% and raised adjusted EPS guidance to $4.90–$5.05 from $4.75–$5.00