Walmart Inc (NYSE:WMT) stock rose 0.10% (As on November 20, 11:45:00 AM UTC-4, Source: Google Finance) after the company posted fiscal third quarter results that easily beat Wall Street expectations. Walmart US same-store sales jumped 5.3%, driven by an increase in foot traffic, up 3.1%, and a higher average ticket, up 2.1%. That’s compared to the 4.9% same-store sales increase it posted this time last year. In the US, e-commerce sales rose 22%, while Walmart’s advertising unit, Walmart Connect, grew 26%. Membership income also saw a double-digit percentage increase. The company is focusing on key markets like China, India, and Mexico and doubling down on low prices. International revenue grew 8.0% to $30.3 billion in Q3, led by growth from Indian e-commerce firm Flipkart, which Walmart owns a majority stake in. Businesses in Mexico, known as Walmex, and China, reported strength from Sam’s Club and e-commerce. In the quarter, global e-commerce sales grew 27% overall, boosted by store pickup and marketplace sales. Alternative revenue streams like Walmart+ membership fees and Walmart Connect advertising also continue to perform well. Membership and other income grew 16.1% year over year to $1.59 billion. Further, Walmart’s US health and wellness business grew sales by mid-teens, led by an increase in pharmacy scripts. Sales of GLP-1 drugs contributed about 1% to the segment’s sales.

WMT in the third quarter of FY 24 has reported the adjusted earnings per share of 58 cents, beating the analysts’ estimates for the adjusted earnings per share of 53 cents, according to Bloomberg consensus estimates. The company had reported the adjusted revenue growth of 5.5 percent to $169.59 billion in the third quarter of FY 24, beating the analysts’ estimates for revenue of $167.5 billion. Consolidated gross margin rate up 21 bps, led by Walmart U.S. Consolidated operating income up $0.5 billion, or 8.2%; up 9.8% (cc) due to higher gross margins and growth in membership income; also benefited from reduced losses in eCommerce.

Net sales are now expected to grow between 4.8% and 5.1%. Previously, Walmart guided to 3.75% to 4.75% sales growth. Coming into the year, Walmart had expected 3% to 4% sales growth.

Adjusted operating income is expected to grow between 8.5% to 9.25%, compared to previous guidance of 6.5% to 8%. Adjusted earnings per share for the full fiscal year is pegged to come in between $2.42 and $2.47, above the high end of the previously expected range of $2.35 to $2.43. In Q4, same-store sales are expected to grow between 3% and 4%.