Walmart sales rose by nearly 9% in the fiscal third quarter beating Wall Street’s expectations, as the retail giant raised its full-year outlook.
In the last quarter Walmart posted a net loss of $1.8 billion, or 66 cents per share, down from a profit of $3.11 billion, or $1.11 per share, a year earlier. The company reported earnings of $1.50 per share on an adjusted basis.
For the full-year, Walmart forecast net sales to rise 5.5%, above its previous forecast of a 4.5% increase.
The loss of $1.8 billion was due to $3.3 billion in legal settlements, as part of opioid-related legal charges.
In a statement, Walmart said it “strongly disputes the allegations in these matters, and this settlement framework does not include any admission of liability.”
The retail giant also announced a new $20-billion share buyback plan, sending its shares as much as up 7% in Tuesday’s early trading.
“In this period of macroeconomic uncertainty… we are well equipped to continue gaining market share in an environment where consumers need to stretch their dollars further,” Chief Financial Officer John David Rainey said on an investor call.