Walmart(WMT) 第一上海证券·2024-11-22 06:05Investment Rating - The report maintains a positive outlook on Walmart (WMT.US) with an upgraded fiscal year guidance, indicating resilience in U.S. consumer spending and improved e-commerce efficiency [2]. Core Insights - Walmart's total revenue for Q3 2025 reached 6.7 billion, up 8.2% year-over-year, with an operating margin of 4.0%. Earnings per share (EPS) were 0.58, up 13.7% [2]. - For the first three quarters of fiscal 2025, operating cash flow was 6.2 billion, up 43% [2]. - Walmart's same-store sales in the U.S. grew by 5.3%, with essential goods maintaining positive growth. International sales increased by 8.0%, with double-digit growth in China [2]. - E-commerce revenue globally grew by 27%, with U.S. e-commerce up 22% and international e-commerce up 43%, driven by in-store pickup, delivery, and third-party seller services [2]. - The report highlights that U.S. retail sales in October increased by 0.4% month-over-month, indicating resilient consumer demand ahead of the holiday season [2]. Financial Projections - For fiscal year 2025, total revenue is expected to grow by 4.8% to 5.1%, with adjusted operating profit projected to increase by 8.5% to 9.25% [2]. - The earnings forecast for fiscal years 2025 to 2027 shows a steady increase in total revenue, operating profit, and EPS, with projected revenues of 739.7 billion by 2027 [5].