Dow component Walmart surpassed expectations in the first quarter, as the company saw a big boost in international sales while unveiling some details on how its purchase of Flipkart will impact its finances.
Walmart reported an adjusted first-quarter profit of $1.14 per share, topping the estimate for $1.12. Revenue of $122.7 billion, also beat the estimate for $120.5 billion.
Walmart reported a profit of $1.00, on revenue of $117.5 billion in the same period last year.
The company’s same-store sales were up 2.6%, or 2.3% excluding fuel, while its international sales jumped 12% to $30.3 billion.
Walmart reported this week that Lord & Taylor’s flagship store is teaming up with Walmart.com to sell more than 125 premium brands.
Walmart announced earlier this month that it was paying $16 billion for majority control of India’s online retailer, Flipkart. The deal is Walmart’s largest ever. In its earnings report, Walmart said that its investment in Flipkart will negatively impact its 2019 earnings per share by about 25 cents to 30 cents if the deal closes and the end of second quarter.
The company also noted that it had recently reached agreements to divest its banking operations in Canada and Chile.