Wal-Mart (WMT) will report first quarter (April) results tomorrow morning around 7:00 followed by a pre-recorded call, management commentary and a presentation on its website. 

The Street expects Q1 EPS of $1.12 (vs. $1.00) last year with net sales (excluding membership fees) up 2.4% to $119.3 billion and comps up 2.3%. 

The company missed earnings estimates as the gross margin fell 60 basis points to 24%, mostly due to price investments (discounting) and the impact of more online sales. 

• For FY19, anticipates consolidated net sales growth of 1.5% to 2.0% in constant currency
• For FY19, comparable sales growth at Walmart U.S. of at least 2.0%, excluding fuel, and comparable sales growth at Sam's Club between 3.0% and 4.0%, excluding fuel and tobacco
• For FY19, earnings are anticipated to be between $4.75 and $5.00 per share, including an approximately $0.05 per share benefit from currency based on current rates
  • Note: Following news of Flipkart stake purchase, Walmart said on May 9 that it anticipates the deal carrying a negative impact of $0.25-$0.30 per share on FY19 EPS, assuming it closes at the end of the second quarter of this fiscal year, and an EPS headwind in total of around $0.60 per share in FY20
• For FY19, expects its eCommerce business to deliver about 40% growth

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