Walmart(US:WMT) 智通财经网·2025-11-20 13:25Core Viewpoint - Walmart reported better-than-expected Q3 results for fiscal year 2026, demonstrating strong growth amid economic uncertainty, driven by an increase in price-sensitive consumers and a larger share in digital sales [1][2]. Financial Performance - Q3 total revenue increased by 5.8% year-over-year to $179.496 billion, surpassing market expectations of $177.57 billion [1]. - Net sales rose by 5.8% to $177.769 billion, while membership and other income grew by 9.0% to $1.727 billion [1]. - Net profit attributable to the company was $6.143 billion, a 34.2% increase year-over-year, with adjusted operating income at $7.246 billion, up 8.0% and exceeding market expectations of $7.03 billion [1][2]. Future Outlook - Walmart expects full-year net sales growth of 4.8%-5.1%, up from a previous forecast of 3.75%-4.75% [2]. - Adjusted operating income is projected to grow by 4.8%-5.5%, with adjusted earnings per share estimated at $2.58-$2.63, an increase from the prior range of $2.52-$2.62 [2]. E-commerce and Advertising Growth - E-commerce sales in the U.S. grew by 28%, driven by increased store delivery orders and growth in advertising and third-party markets; international e-commerce sales surged by 26% [4]. - Global advertising revenue increased by 53%, with U.S. advertising business Walmart Connect growing by 33% [5]. Consumer Demographics - Walmart expanded its market share across various income levels by offering low prices and a wide range of products, particularly in the grocery sector, which accounts for about 60% of U.S. sales [6]. - The company attracted more high-income customers through online services and fast delivery, with a noted increase in spending among certain high-income groups [6]. Competitive Position - Walmart's performance stands out compared to competitors like Target and Home Depot, which have lowered their annual outlook due to weaker quarterly sales [7]. Leadership Transition - The current quarter marks the last for CEO Doug McMillon, who plans to retire next year, with John Furner, who has been with Walmart for decades, set to succeed him [8].