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Walmart Q3 Profit Tops Estimates; Walmart U.S. ECommerce Sales Up 79%

Walmart Inc. (WMT) said its net sales and operating results continue to be affected by the global health crisis. However, increased demand for products across multiple categories led to strong top-line and gross margin results during the third quarter. The company recorded incremental expenses related to COVID-19 of approximately $0.6 billion, for the quarter.

Third quarter adjusted earnings per share was $1.34 compared to $1.16, a year ago. On average, 29 analysts polled by Thomson Reuters expected the company to report profit per share of $1.18, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating income in constant currency rose 16.4 percent year-on-year to $5.8 billion.

Third quarter total revenue was $134.7 billion, an increase of 5.2%. Excluding currency, total revenue would have increased 6.1% to reach $135.8 billion. Analysts expected revenue of $132.23 billion, for the quarter.

Walmart International net sales were $29.6 billion, an increase of 1.3%. Excluding currency, net sales would have been $30.6 billion, up 5.0% led by Flipkart, Canada and Walmex.

Walmart U.S. comp sales increased 6.4%. Walmart U.S. eCommerce sales were up 79% with strong results across all channels and contributed approximately 570 basis points to comp sales. Sam's Club comp sales rose 11.1%.

Shares of Walmart Inc. were up more than 2% in pre-market trade on Tuesday.

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