Retail analysts are suddenly feeling bullish after literally a week ago feeling bearish: "My kingdom for a one-handed economist!!!"

Overall:

* WMT growing with all age and income groups. Most of growth is coming from higher income brackets.

* Walmart's North Star values include: value, assortment, experience and trust.

* Growth is being driven by higher transaction counts/unit growth.

* Inflation is flat, down in some areas.

* Global eCom growth up 21%; intl only up 18%

US Overall:

* Comp store sales growth 4.2%; eCom up 22%; Weekly active customers up 20%

* Strong traffic/unit growth

* Still a discerning/choiceful consumer

US eCommerce:

* 40% reduction in delivery cost per order

* eCom without services is the biggest contribution to operating income growth. Then you add advertising, membership, fulfillment.

* Walmart Connect US Ads up 30%

Marketplace:

* 30% growth in each of the last 4 quarters -- this quarter = 32%

* Increased seller counts by double-digit %

* Many categories grew 20%+: fashion, toys, hardlines, home

Categories:

* General merchandise flattened to breakeven, a positive sign first time in a while.

* Food and consumables a strength.

* health/wellness up big based on strength of GLP1, supplements also up based on back to school.

* See marketplace details above.

Supply Chain:

* WFS surpassed 40% marketplace penetration

* Biggest contribution to additional capex.

* 45% ecom FC volume automated. 800 stores receiving semi-automated freight from 15 RDCs.

1H Results so far:

* Sales growth at 5% and Op Income growth almost 10%.

* We see more of the same.

FY Guidance Raising:

* Sales growth of 3.75 - 4.75% (up from 3-4%)

* Op Income growth of 6.5 - 8%, up from 4-6% (always felt conservative -

This was the 🎤 moment.)

* Sustained improvements in incremental margin.

* Sees eCommerce getting profitable in the next 2 years.

* Not worried about elections and uncertainty. In good or bad economy, WMT works fine.

Tidbits:

* inventory down 2% y/y

* WMT Data Ventures client base increased 200%

* US Walmart+ income grew double-digits.

All in all, Walmart continues to plow ahead. Leaving others in its wake.

The value king in a value economy.