Walmart Inc (NYSE: WMT) reported its financial results for the second quarter on Tuesday that beat Wall Street estimates as retail continued to boom amidst easing COVID-19 restrictions in recent months.

Shares of the company were still more than 1% down in premarket trading, despite raised guidance for the full year.

Financial performance

Walmart said its net income in the second quarter came in at $4.28 billion that translates to $1.52 per share. In the comparable period of last year, its net income stood at an even higher $6.48 billion, or $2.27 per share.

On an adjusted basis, the retail giant earned $1.78 per share. It valued its revenue in Q2 at $141.04 billion versus the year-ago figure of $137.74 billion. According to FactSet, experts had forecast $137.02 billion in revenue on $1.57 of adjusted EPS.

Other notable figures

Other notable figures include a 6% annualised in U.S. same-store sales versus 3% expected. Comparable transactions in the U.S. were up 6.1% in the recent quarter. eCommerce jumped 6% from the same quarter last year and more than doubled from the 2019 equivalent.

The news comes shortly after Walmart partnered with Adobe to sell its marketplace software to other retailers.

Guidance for the full year

For the full financial year, Walmart now expects its EPS to fall between $6.20 and $6.35 on an up to 7% increase in revenue. Excluding fuel, same-store sales in the U.S. are expected to note an up to 6.0% annualised growth versus the FactSet consensus of 3.9%. The American multinational says its global eCommerce sales will hit $75 billion this year.

Last month, Walmart said it will pay 100% of the college tuition and book costs for its U.S. workers.

CFO Brett Biggs’ remarks

Commenting on the financial update, CFO Brett Biggs told CNBC:

“Q3 is off to a good start. There will be quarters led by the stores and ones that are led by online. Second-quarter was led by our stores. We are watching the delta variant closely, but so far, we haven’t noticed any big changes.”

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