Walmart stock jumps as retailer boosts forecast despite inflation
Retail giant beat Q4 earnings estimates and hiked its dividend
Walmart unveils new interactive store format
Strategic Resource Group Managing Director Burt Flickinger discusses the digitization of department stores to enhance the shopping experience.
Walmart shares took a climb on Thursday following the release of the retail giant's fourth-quarter earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 84.27 | -0.20 | -0.24% |
WHOLESALE PRICES JUMP 9.7% IN JANUARY, FURTHER EVIDENCE OF RED-HOT INFLATION
The firm beat analysts' estimates on earnings per share by 3 cents, hitting $1.53, and saw revenue rise .5% to $152.9 billion despite supply chain woes and inflation hitting a 40-year high in the U.S. During the same quarter a year ago, Walmart lost $2.9 billion.
"We had another strong quarter to finish off a strong year," president and CEO Doug McMillon said in a statement. "We have momentum in our business in all three segments."
Walmart President and CEO Doug McMillon (Reuters / Reuters Photos)
AS INFLATION RISES, SMALL BUSINESSES FEEL THE FINANCIAL CRUNCH
"We’re being aggressive with our plans and executing on the strategy," McMillon said, adding, "It’s exciting to see how the teams are simultaneously navigating today’s challenges and reshaping our business."
Walmart also showed optimism for its performance this fiscal year, projecting sales growth above 3%, earnings around the mid-single-digits, and boosting its quarterly dividend by a penny to $.056 for an annual payout on the fiscal year of $2.24.
Walmart truck driving on the interstate near Bakersfield, California, on May 25, 2018. (iStock / iStock)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The nation's largest retailer's results for the quarter ending Jan. 31 come on the heels of reports that consumers accelerated their retail spending last month, despite an 11-year low in consumer confidence.
FOX Business' Meagan Henney and The Associated Press contributed to this report.