Walmart (WMT) has reported fourth-quarter earnings that topped Wall Street expectations, fueled by strong sales during the December holiday season.
The discount retailer said that its Q4 revenues and earnings were driven higher by budget-conscious consumers who frequented its stores in search of food, gifts and decorations during the holidays.
As a result, Walmart reported earnings per share of $1.71 U.S. versus $1.51 U.S. that was forecast. Revenue in Q4 amounted to $164.05 billion U.S. compared to $159.72 billion U.S. that was expected among analysts.
Looking ahead, Walmart said that it expects same-store sales in the U.S. to rise between 2% and 2.5% in 2023.
The company added that it expects earnings per share to range from $5.90 U.S. to $6.05 U.S. for all of this year.
Same-store sales in Q4 increased 8.3%. At the same time, the company’s e-commerce sales rose 17% year-over-year during the quarter.
Walmart remains the biggest retailer in America and is now a grocery powerhouse, which continues to drive foot traffic among budget-conscious shoppers.
Walmart’s stock has gained 7% over the last year to trade at $146.44 U.S. per share.