First quarter comparable store sales at Walmart were up 3.4%, the fourth consecutive quarter in which the retailer reported comp-store gains above 3%.
For the three month period ending April 30, company-wide sales were $123.9 billion, a year-over-year increase of 1%. Consolidated net income was $3.8 billion, or $1.34 per diluted share, up from consolidated net income of $2.1 billion, or $0.72 per diluted share.
Walmart’s U.S. e-commerce sales grew 37% as the company reported strong growth in online grocery and within its home and fashion categories on Walmart.com.
First quarter net sales at Sam’s Club were up 1.5% while sales in the company’s international division were down 4.9%.
“We’re changing to enable more innovation, speed and productivity, and we’re seeing it in our results,” said Doug McMillon, president and CEO of Walmart. “We’re especially pleased with the combination of comparable sales growth from stores and e-commerce in the U.S. Our team is demonstrating an ability to serve customers today while building new capabilities for the future.”
Following the release of first quarter financials, Walmart officials said that higher tariffs recently implemented by the Trump administration will lead to higher prices for consumers.
Brett Biggs, Walmart’s CFO, told Reuters that the retailer will seek to ease the pain of tariffs, in part, by trying to obtain products from different countries and by working with product suppliers’ cost structures to manage higher tariffs.