Improved eCommerce business gives Walmart revenue boost

US retail giant Walmart reported strong online growth across the third quarter as the battle to get back some of its business lost to the likes of Amazon intensified.

Walmart said its efforts to expand upon its e-commerce business lead to a 50% year-on-year rise in the quarter which, while a touch slower than the 60% reported at the end of the second quarter, helped move like-for-like sales ahead 2.7%, marking the 13th consecutive quarter the company came in ahead of analyst estimates.

"We have momentum, and it's encouraging to see customers responding to our store and eCommerce initiatives," said chief executive Doug McMillon

"We are leveraging our unique assets to save customers time and money and serve them in ways that are easy, fast, friendly and fun."

Walmart's revenue rose 4.2% to $123.2bn across the three months leading to 31 October, however consolidated net income dived from $3.03bn a year ago to $1.75bn on the back of a series of one time charges relating to the company's recent debt tender offer, federal investigations into allegations of bribery, and various charges related to the group's decision to exit particular locations.

Earnings per share for the quarter came in at $1, ahead of estimates of $0.97.

The world's biggest retailer upped its full-year earnings from $4.30-4.40 per share to somewhere between $4.38 and $4.46.

As of 1430 GMT, shares had gained 5.25% in pre-market activity to trade at $89.83 each.