Walmart’s On The Way Up: Retailer Posts Earnings Growth Thanks To Online Grocery Orders

Walmart (WMT) released its third-quarter earnings report on Thursday, signaling good things to come for the retailer. The company said its total revenue increased to $128 billion, up $3.1 billion, as well as an increase in comp sales on a two-year stacked basis by 6.6%.

Where Walmart really shined was in the grocery business as it saw market share gains of 41% through online grocery sales. Total operating income was also up for the company by 6.1%.

Even the international side of Walmart fared well as the company reported growth of 1.3% to $29.2 billion. Overall international operating income was down 5.4%, which Walmart said was due to softness in the U.K. market as well as the inclusion of acquisition Flipkart.

Going forward, Walmart said it expects its fiscal year 2020 adjusted EPS to increase over slightly over fiscal year 2019.

"We're pleased with our performance for the quarter,” Doug McMillon, president and CEO at Walmart said in a statement. “Our associates are responding to change in an inspiring way, and we're proud of them.

“The Walmart U.S. business saw strong comp sales and expense leverage, and operating income grew for the sixth consecutive quarter. We also celebrated the first anniversary of Flipkart and PhonePe as part of the Walmart family. It was great to see record sales in India during The Big Billion Days event.

“Looking ahead, we're prepared for a good holiday season. Our integrated offering with stores and eCommerce delivers value and convenience for our customers. Our associates are working hard to ensure we succeed -- one customer, one interaction at a time,” he added.

Shares of Walmart stock were down 0.21% as of 1:29 p.m. EST on Thursday.