Walmart raises annual earnings estimate on higher quarterly revenue

And the company raised its estimate of fiscal year 2019 EPS by 10 cents to $4.75 to $4.85, just a few weeks after lowering the estimate following the acquisition of India’s online retailer Flipkart.

Company executives said the investment was key to positioning the chain to compete in the changing and competitive retail and ecommerce sector.

Walmart US saw comparable sales at existing stores jump 3.4 percent in the three months ended October 26, while the chain saw sales growth “in nine of our 10 markets, including our four largest markets: Mexico, China, Canada and UK,” according to the statement.

Walmex in Mexico led the way with an increase of 5.4 percent in the quarter, while sales in China rose 2.2 percent.

“Overall, we’re encouraged by the momentum in our business and excited to be in a strong position to invest for the future as prior investments pay back,” McMillon said in a statement.

Company executives are due to hold a conference call later on November 15 to discuss the results, but investors seems to be cheering the news, with Walmart shares up 1.72 percent in pre-market trading.