Retail behemoth Walmart (NYSE:WMT) will be reporting earnings tomorrow before market open. Here’s what to expect.

Walmart beat analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $169.6 billion, up 5.5% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ gross margin estimates.

Is Walmart a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Walmart’s revenue to grow 4% year on year to $180.4 billion, slowing from the 5.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.65 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Walmart has missed Wall Street’s revenue estimates three times over the last two years.

With Walmart being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for non-discretionary retail stocks. However, the whole sector has faced a sell-off over the last month with stocks in Walmart’s peer group down 2.9% on average. Walmart is up 11.8% during the same time and is heading into earnings with an average analyst price target of $103.19 (compared to the current share price of $104.04).

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