US multinational retailer Walmart has reported consolidated revenue of $648.1bn for the fiscal year 2024 (FY24), a 6% increase on FY23.
The retail giant's reported consolidated operating income for FY24 stood at $27.0bn, a substantial increase of 32.2% from $20.4bn in FY23.
Walmart's adjusted operating income also saw an impressive rise, growing 10.2% and outpacing sales growth.
The retailer’s gross profit rate for the fiscal year was 23.7%, an improvement of 27 basis points from 23.5% a year previously.
Global advertising business experienced remarkable growth of 28%, reaching $3.4bn.
The company's financial health is further evidenced by its return on assets at 6.6% and return on investment at 15.0%, both of which show significant improvements.
Walmart's generally accepted accounting principles earnings per share (EPS) for FY24 were $5.74, up 34.4% from $4.27 in FY23.
In the fourth quarter (Q4) of FY24, Walmart's consolidated revenue was $173.4bn, a 5.7% increase from $164.0bn in the same quarter of FY23.
Its consolidated gross margin rate improved due to performance enhancements at Walmart US.
Q4 also saw consolidated operating income rise by 30.4% to $7.3bn, compared to $5.6bn in the corresponding period of FY23.
Global e-commerce sales grew by 23% during the quarter. Global advertising business rose by 33%, including 22% for Walmart Connect in the US.
But Walmart’s EPS for the quarter saw a decline of 12.5% to $2.03 from $2.32 in Q4 FY23.
In a strategic move to bolster its advertising capabilities, Walmart has agreed to acquire VIZIO, aiming to further accelerate Walmart Connect in the US.
Walmart president and CEO Doug McMillon said: "Our team delivered a great quarter, finishing off a strong year. We crossed $100bn in e-commerce sales and drove share gains as our customer experience metrics improved, even during our highest volume days leading up to the holidays. We’re proud of the team and excited about building on our momentum as we work to bring prices down for our customers and members."
