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(Sharecast News) - American retail giant Walmart delivered a strong third-quarter performance on Thursday, with sales and profits both up on last year, helping the big box chain to raise its outlook for the full year.
Total revenues were up 5.8% over the third quarter at $179.5bn, with comparable sales at its US divisions growing by 4.5% excluding fuel.
Doug McMillion, Walmart's chief executive who announced his resignation just last week after 12 years in the role, said that online performance "was a bright spot again this quarter".
Ecommerce growth in the US came in at 28%, representing the seventh straight quarter of 20%-plus growth online, led by store-fulfilled pickup and delivery, as well its marketplace offering.
Meanwhile, global advertising revenues were 53% higher, while memberships and other income rose 9%.
Full-year net sales are now expected to increase by 4.8-5.1%, ahead of the previous target of 3.75-4.75% growth, while the earnings per share target was lifted to $2.58-2.63 from $2.52-2.62.
McMillion, who will be replaced by insider John Furner at the end of this fiscal year, added: "We're gaining market share, improving delivery speed, and managing inventory well. We're well positioned for a strong finish to the year and beyond that."
The results came as Walmart announced a move of its stock listing from the New York Stock Exchange to Nasdaq as of early December.
According to chief financial officer John Rainey, the move "aligns with the people-led, tech-powered approach to our long-term strategy". Walmart shares many values with Nasdaq, including a tech-forward approach and focus on innovation, the company said.
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