Walmart (WMT) is set to report Q1 (Apr) earnings results tomorrow morning before the open.

The current S&P CapitalIQ consensus is for EPS of $1.48, down 12% yr/yr.

Revenue is expected to be about flat yr/yr at $138.05 bln. WMT is still lapping the panic buying we saw during the pandemic.

WMT is lapping generous stimulus payments in early 2021 (Jan and Apr). So keep that in mind.

  • Same store comps (excl fuel) are a closely-watched metric with WMT.

  • Look for an update from its advertising business

  • WMT typically beats analyst expectations although the last two quarters have seen slight upside.

TECHS:

Last quarter, WMT posted a $0.03 beat, its smallest EPS beat of the fiscal year. Walmart US saw its first ever $100+ bln quarter.

WMT will give a read through to whether the inflation headlines have been stalling consumer spending, this was not an issue in Q4.

Walmart is seen as a great barometer for consumer spending and this report should set expectations for a bunch of retailers who report this week (TGT, HD, LOW, TJX, KSS, ROST)


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