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CONSUMER STAPLES
Aa2/AA/AA EUR 29s -1bp
Walmart Q2 looks strong with most metrics slightly ahead of consensus and a FY guidance upgrade for sent sales, op income and EPS. Cash flow is lower due to timings and inventory build-up though FCF was broadly in line with consensus and net debt is lower QoQ and YoY.
- Q2 revenue +5% YoY cc (reported +0.5% vs. BBG consensus)
- Q2 gross margin +43bps to 24.4% (vs. consensus of 24.16%)
- Q2 adj-op income +7.2% (reported op income +1.1% vs. consensus)
- Q2 OCF -10.8% USD 12.1bn looks short of the USD 13.8bn consensus, weighed upon by timing of certain payments and increased inventory purchases while Q2 FCF was -28.5% to USD 6.3bn against consensus of USD 6.2bn.
- Total debt of USD 47bn from USD 50bn at Q1 and USD 50.4bn at Q224.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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