Global retail giant Walmart raised its earnings estimate for the year on Thursday, after posting a strong quarter with sales growth across all its business lines and most regions.
Total revenue jumped 2.4 per cent in the third quarter to $124.9 billion, while the key metric of comparable store sales rose 3.4 per cent, the company said.
The solid sales growth pushed the closely-watched earnings per share measure to $1.08 in the latest quarter, beating expectations.
And the company raised its estimate for the fiscal year 2019 EPS by 10 cents to $4.75 to $4.85, just a few weeks after lowering the estimate following the acquisition of India's online retailer Flipkart.
Company executives said the investment was key to positioning the chain to compete in the changing and competitive retail and e-commerce sector.
Walmart US saw comparable sales at existing stores jump 3.4 per cent in the three months ended October 26, while the chain saw sales growth "in nine of our 10 markets, including our four largest markets: Mexico, China, Canada and UK," according to the statement.
Walmex in Mexico led the way with an increase of 5.4 per cent in the quarter, while sales in China rose 2.2 per cent.
"Overall, we're encouraged by the momentum in our business and excited to be in a strong position to invest for the future as prior investments payback," McMillon said in a statement.
Company executives are due to hold a conference call later Thursday to discuss the results, but investors seem to be cheering the news, with Walmart shares up 1.72 per cent in pre-market trading.