Wal Mart clocks in with better than expected like-for-likes in Q2

Wal Mart´s sales jumped past forecasts in the latest reporting period.

Like-for-like sales at the largest retailer in the US grew by 1.6% in the second quarter of its 2017 fiscal year, easily outpacing analysts´ forecasts for a rise of 1.0%.

Total revenues rose 0.5% to $120.9bn, surpassing the $120.2bn anticipated by the consensus. On a constant currency basis, sales were up 2.8% to $123.6bn.

Global e-commerce sales grew by 11.8% at constant currencies.

Quarterly adjusted earnings per share printed at $1.07 (consensus: $1.02).

Free cash flow improved by $5.25bn to $10.3bn versus the year-ago period, the company said in a statement, thanks to improved management of its working capital needs, better inventory management and changes in the timing of payments.

Wal Mart also increased its guidance for full-year earnings per share to between $4.15 and $4.35 (consensus: $4.27).

As of 13:08 BST shares in Wal Mart were higher by 3.46% to $75.45.