NEW YORK — More retailers released their quarterly earnings on Thursday bucking the recent downward trend and beating Wall Street expectations.
Walmart, the world’s biggest retailer, beat analyst expectations in the first quarter. U.S. comparable store sales rose 1 percent, topping Wall Street estimates of 0.5 percent. Walmart reported earnings of $0.98 per share on revenue of $115.9 billion. Shares of Walmart rose about 9 percent by midday following the announcement.
Urban Outfitter reported a 3 percent bump in sales in the first quarter. Dick’s Sports Goods beat analyst expectations by reporting revenues of $1.66 billion.
These come in contrast to a slew of retailers, such as JC Penny and Macy’s, have reported lower-than-expected sales or outright losses in the first quarter.
The retail sector appears to be improving as overall sales figures rose 1.3 percent last month. That was the largest gain since March 2015 and was a marked improvement from a 0.3 percent drop one month earlier.