Walmart revenue growth of 5.7%; operating income growing faster at 6.7%; eCommerce up 24% globally; GAAP EPS of $2.92; Adjusted EPS of $1.84; Guides Q3 and raises FY24 outlook

Walmart Inc. (NYSE: WMT):

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Second-quarter highlights:

• Consolidated revenue of $161.6 billion, up 5.7%, or 5.4% in constant currency
• Consolidated gross margin rate up 50bps on lapping elevated markdowns and supply chain costs, partially offset by ongoing mix pressure in grocery and health & wellness
• Consolidated operating expenses as a percentage of net sales grew 33bps
• Consolidated operating income up $0.5 billion, or 6.7%, adjusted operating income up 8.1%
• ROA at 5.6%; ROI at 12.8%, negatively affected by 140bps of discrete charges in Q3 & Q4 FY23
• Global advertising business grew approximately 35%
• Walmart U.S. comp sales up 6.4%; eCommerce up 24%, led by pickup & delivery
• Celebrating the 65^th anniversary of Bodega Aurrera stores in Mexico

The company will hold a live conference call with the Investment Community at 7 a.m. CDT Thursday, Aug. 17, 2023, to discuss the company’s second quarter earnings results for fiscal year 2024. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/newsroom/financial-events and selecting the Second Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 240 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on X (formally known as Twitter) at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.

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