Walmart (WMT), the world’s largest retailer, reported stronger-than-expected fourth-quarter results on Tuesday.
Fourth-quarter adjusted earnings per share came in at $1.41, surpassing analysts’ estimates of $1.33.
Meanwhile, revenue for the fourth quarter hit $138.8 billion, slightly ahead of analysts’ forecasts of $138.76 billion.
The closely followed comp sales number jumped 4.2% during the quarter, up from 2.6% during the same quarter a year ago. This was much stronger than the 3.2% growth expected by analysts.
The retailer also saw its e-commerce sales in the U.S. jump 43% year-over-year during the quarter.
"Progress on initiatives to accelerate growth, along with a favorable economic environment, helped us deliver strong comp sales and gain market share. We're excited about the work we're doing to reach customers in a more digitally-connected way. Our commitment to the customer is clear — we'll be there when, where and how they want to shop and deliver new, convenient experiences that are uniquely Walmart,” CEO Doug McMillon said in a statement.
Walmart has focused on revamping its e-commerce experience by adding new technologies and updating its website.
One of the main drivers of its e-commerce success has been its grocery pickup and delivery, which is now available in more than 2,100 and nearly 800 stores, respectively. By the end of fiscal 2020, Walmart expects to include grocery pickup in 3,100 locations and delivery in 1,600 stores.
Shares were trading up about 4.6% in the pre-market.
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Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter. Send tips to laroche@oath.com.
