Walmart’s US comp sales grew by 6.6% in FY23. Credit: Mike Mozart / Flickr (Creative Commons).

US-based retail giant Walmart has reported full-year revenue of $611.3bn for fiscal 2023 (FY23), up by 6.7% from fiscal 2022 (FY22).

The company’s revenue for the 12 months to 27 January would have risen by 7.4% to $615.1bn if currency were excluded.

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Its operating income declined by 21.3% to $20.4bn in the year, while its earnings per diluted share (EPS) were $4.27, down from $4.87 a year earlier.

On a regional basis, Walmart US recorded net sales of $420.6bn, while its comparable sales and e-commerce sales grew by 6.6% and 12% respectively in the year.

Net sales for Walmart International remained flat at $101.0bn and its operating income fell by 21.1% to $3.0bn.

In the fourth quarter (Q4) of FY23, Walmart delivered revenue of $164.0bn, up by 7.3% from the same period of FY22.

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The company’s operating income for the quarter declined by 5.5% to $5.6bn from a year ago, while its EPS for Q4 were $2.32, up by 81.3% from $1.28 in Q4 2022.

Net sales for Walmart US increased by 8.0% to $113.7bn and comparable sales also grew by 8.3% in the quarter.

Walmart president and CEO Doug McMillon said: “We’re excited about our momentum.

“The team delivered a strong quarter to finish the year, and as our results in the last two quarters show, they acted quickly and aggressively to address the inventory and cost challenges we faced last year.

“We built momentum in the third quarter and that continues. We are well-positioned to start this fiscal year.”

For fiscal 2024 (FY24), Walmart expects its consolidated full-year net sales to increase by 2.5-3.0% on a constant currency basis.

The company’s consolidated net sales for the first quarter are expected to grow by 4.5-5.0%.

Last month, Walmart partnered with software company Salesforce to provide pick-up and delivery services for retailers.