(Alliance News) - Walmart Inc on Thursday celebrated improved performances in revenue and operating income over the first quarter, while its net income fell on increased expenses.

For the three months ended April 30, the Bentonville, Arkansas-based retailer reported group total revenue of USD152.30 billion, up 7.6% from USD141.57 billion year-on-year.

Walmart attributed this to "strength across all operating segments", and a strong growth in membership income globally.

Group operating income also rose, up 17% to USD6.24 billion from USD5.32 billion a year prior.

However, net income fell 9.8% to USD1.90 billion from USD2.10 billion. Diluted net income per share was USD0.62, down 16% from USD0.74.

This decline came as expenses increased. Group cost of sales were USD115.28 billion, up 7.9% from USD106.85 billion, while operating, selling, general and administrative expenses rose 7.4% to USD30.78 billion from USD29.40 billion.

Walmart declared a dividend of USD2.28 for the quarter, up from USD2.24 a year prior.

Looking ahead, the company set its guidance for financial 2024. It expects net sales to increase by 3.5%, and operating income to increase between 4.0% and 4.5%. Adjusted earnings per share are expected to be between USD6.10 and USD6.20.

Walmart shares were 1.6% higher at USD151.86 in the New York pre-market on Thursday.

By Holly Beveridge, Alliance News reporter

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