Walmart reported first quarter 2013 diluted earnings per share (EPS) of $1.14, a 4.6% increase compared to last year's first quarter EPS. The company expects EPS for 2Q13 to hit between $1.22 and $1.27.
In recent years, Walmart also made a commitment to double its sales of locally grown produce and sell healthier, more affordable food.
The company's net sales increased 1% over last year to $113.4 billion. On a constant currency basis, net sales would have increased 1.8% to $114.2 billion. Membership and other income increased 1.6% compared to last year, due primarily to an increase in membership income. Total revenue for the first quarter was $114.2 billion, a 1% increase over last year.
Consolidated net income attributable to Walmart for the first quarter was $3.8 billion, up 1.1%.
"I'm confident about our long-term strategy and the direction Walmart is headed," said Mike Duke, Walmart president and chief executive officer. "Our expectations about our U.S. businesses' performance, coupled with more discipline in International, will allow us to improve our performance throughout the year."
Duke also said that e-commerce sales grew more than 30% in the first quarter versus last year.
The company's operating expense leverage was relatively flat for the first quarter, but the commitment to leverage for the full year remains a priority.
"Although we believe our company will leverage expenses for the year, the second quarter will be challenging, given expense pressures in International and our corporate area," said Charles Holley, executive vice president and chief financial officer. "Expense leverage may not be delivered evenly across the quarters, but we believe that by executing our plans, we will continue to reduce expenses and improve productivity."
