Walmart Inc (NYSE:WMT) stock rose 3.88% (As on February 20, 11:20:33 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 23. Walmart U.S. same-store sales increased 4%, also more than expected. Sales were led by grocery and health & wellness. General merchandise sales declined “modestly” the company said. The number of transactions increased 4.3%, but the average ticket inched down 0.3%.  Same-store sales at Sam’s Club rose 3.1% (excluding fuel). Same-store sales at Walmart International rose 13%. Global e-commerce sales soared 23% during the quarter, topping $100 billion in total. In the U.S., e-commerce sales rose 17%, led by strength in pickup and delivery. Walmart has bucked the recent industry trend of cost cutting. In January, it said it would open or expand more than 150 U.S. stores to its larger format during the next five years.  Also in January, the company announced an increase in its its store managers’ pay. Walmart reported net income of $5.49 billion, or $2.03 a share, for the quarter ended Jan. 31, from $6.28 billion, or $2.32 a share, in the year-ago period.

WMT in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.80, beating the analysts’ estimates for the adjusted earnings per share of $1.64. The company had reported the adjusted revenue growth of 5.7 percent to $173.39 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $170.85 billion. The adjusted operating income up 13.2%, positively affected by currency and LIFO of 2.3% and 1.0%, respectively

Meanwhile, Walmart also announced it will acquire smart TV maker/streaming platform provider Vizio in a deal worth $2.3 billion as it continues to increase fast-growing advertising and media business, Walmart Connect. In its earning release, Walmart has raised its annual dividend rate by approximately 9%, to $2.49 a share from the $2.28 per share paid for the last fiscal year. The retailer said the increase is its biggest dividend boost in more than 10 years and its 51st consecutive year of dividend increases.

Walmart said it expects first-quarter adjusted earnings of $1.48 to $1.56 per share, less than analysts were expecting. Sales are expected to rise 4% to 5%. For the full fiscal year, Walmart expects adjusted earnings of $6.70 to $7.12 per share. Consolidated net sales are expected to climb 3% to 4%.