New York : Walmart raised its financial outlook for the year after beating Wall Street’s expectations for its fiscal second quarter and seeing the strongest growth in more than a decade in sales at established stores.
For the quarter, Walmart had a loss of $861 million, or 29 cents per share, because of some sizeable investments. It was also hurt by its investment in online retailer JD.com. Adjusted for those one-time costs, it earned $1.29 per share, easily topping Wall Street projections of $1.21 per share, according to Zacks Investment Research. Revenue came to $128.03 billion. Walmart projects earnings for the current fiscal year of $4.90 to $5.05 per share.
