After acquiring Jet.com, Walmart gains highest sales in 4 years

We all know that Marc Lore was the focal point of Walmart’s deal to acquire two-year-old e-commerce upstart Jet.com. But, who knew, that within 10 days of the announcement, he could spin off good omen for world’s largest retailer.

After five straight quarters of decelerating e-commerce growth, Walmart’s online business increased in the company’s second quarter as the company's revenue and earnings topped Wall Street forecasts, and it reported its biggest same-store sales gain in four years.

Walmart’s global e-commerce business grew 11.8 percent year over year in the quarter, up from 7 percent in the previous quarter. The discount chain earned $1.07 a share in the fiscal second quarter, slightly lower than last year's $1.08 a share. Revenue grew 0.5 percent to $120.85 billion.

"We're pleased with the positive momentum in our business. Our strategy in the U.S. is working as we delivered an eighth consecutive quarter of positive , and international also performed well," CEO Doug McMillon said in a statement.

Following its second straight quarter of strong results, Walmart also raised its guidance for the year. The retailer now expects to earn between $4.15 and $4.35 a share, compared to its prior estimate of $4 to $4.30 a share. That includes an estimated 5 cent per share hit from the pending $3.3 billion acquisition of Jet.com. The acquisition is expected to close later this year and dilute Walmart’s annual earnings per share by five cents, in part due to “expected operating losses,” the company said in scripted earnings remarks.

Walmart doesn’t break out online sales by geography, but has previously said that the U.S. digital business is growing faster than the company’s international business.