Walmart pushes toward record-high following 3Q beat

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Shopping carts are seen outside a new Walmart Express store in Chicago July 26, 2011. REUTERS/John Gress (Copyright Reuters 2017)

Walmart (WMT) shares could set a new record on Thursday, boosted by the company’s third-quarter results, which surpassed expectations.

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Walmart beat on both top and bottom lines, with adjusted earnings per share (EPS) of $1 versus expectations for 97 cents. Revenue increased 4.2% to $123.18 billion. Walmart’s U.S. same-store sales rose 2.7%.

The company noted that it is “excited” about its position in the fourth quarter, and hiked its full year EPS guidance to $4.38 to $4.46, up from the prior $4.30 to $4.40.

On the company’s earnings call it’s executives noted progress in its business including: improving its fresh grocery offerings, expanding its online grocery pickup, attracting more premium brands to its site and offering same or next-day delivery in major metropolitan areas.

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On Wednesday, Walmart’s competitor Target (TGT) released its latest quarterly earnings. While the company also surpassed quarterly expectations, Target released a disappointing fourth quarter forecast, which sent shares lower.

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