Walmart (WMT) exceeded second-quarter analyst expectations for revenue and profit. The retailer reported quarterly revenue of $187.94 billion. Adjusted earnings reached $0.81 per share, beating consensus estimates. U.S. online sales rose 24%.
Walmart shares fell 6% in pre-market trading following the report. Management issued a cautious outlook for the remainder of the year. U.S. comparable store sales grew 2.6%, marking the slowest pace in six years.
The company serves more than 150 million customers weekly. This slowdown suggests potential headwinds for the consumer discretionary sector as spending habits shift. Walmart continues to gain market share among households with annual incomes over $100,000.