Walmart Inc.’s stock slid 4% in premarket trades early Tuesday, after the retailing giant beat fourth-quarter earnings estimates and raised its dividend but offered weaker-than-expected guidance for the first quarter and fiscal 2024. Bentonville, Ark.–based Walmart posted net income of $6.275 billion, or $2.32, for the quarter ending Jan. 31, up from $3.562 billion, or $1.28 a share, in the year-earlier period. Adjusted per-share earnings came to $1.71, ahead of the $1.52 FactSet consensus.
Revenue rose to $164.048 billion from $152.781 billion, also ahead of the $159.759 billion FactSet consensus. U.S. same-store sales rose 8.3%, bettering the 8.2% FactSet consensus. E-commerce sales rose 17%, and the company continued to grow market share in the grocery category. See: Home Depot and Walmart slip after earnings guidance; Facebook parent Meta rises on trial of subscription tier Chief Executive Doug McMillon said the company “acted quickly and aggressively to address the inventory and cost challenges” faced last year. “We built momentum in the third quarter and that continues,”he said in a statement. “We are well-positioned to start this fiscal year.” The company is now expecting first-quarter adjusted earnings per share of $1.25 to $1.30, below the FactSet consensus of $1.37. For the full year, it expects adjusted per-share earnings of $5.90 to $6.05, also below the $6.53 FactSet consensus. Jefferies analysts said the 8%-plus same-store-sales rise was “a …