Walmart Touts Growing Momentum As Q3 Earnings Surge To $3.3 Bn

Washington, (UrduPoint / Pakistan Point News - 14th Nov, 2019 ) :Retail giant Walmart saw profits surge in the latest quarter on an explosion in online sales and are looking to build on that heading into the critical holiday shopping season, according to results released Thursday.

Company executives touted the growing momentum, especially as it ramps up ecommerce to expand beyond popular grocery deliveries, and branches into other areas like health care.

But the international outlook for the world's largest retailer is more mixed, including the uncertainty created by President Donald Trump's aggressive tariff policy.

"The sales environment in the US continues to be positive, while internationally its softer and we're responding appropriately," Walmart chief Doug McMillon said in a statement.

The company's net income jumped more than 92 percent to nearly $3.3 billion in the three months ended October 31 compared to the same quarter a year earlier, the company reported.

Total revenue rose 2.5 percent or $3.1 billion, to $128 billion.

This resulted in adjusted earnings per share, a key US benchmark, of $1.16, well above the median estimate of $1.09 expected by analysts.