Walmart (WMT), the world’s largest retailer, reported stronger-than-expected fourth-quarter revenue and sales results, driven by strong e-commerce growth that spiked during the COVID-19 pandemic.

However, the company's stock dropped as investors digested Walmart's warning about potentially weaker sales in the coming year, as well as the costs associated with a pay hike for its frontline workers.

Here are the results versus the estimates, according to Bloomberg:

• Adjusted EPS: $1.39 v. $1.50 estimate

• Revenue: $152.1 billion billion v. $148.39 billion

• Walmart U.S. comp-store sales (excluding gas): 8.6% v. 5% estimates

• Walmart U.S. e-commerce sales: 69%

During the fiscal 2021 year, Walmart reported total revenue of $559.2 billion, up $35.2 billion, or 6.7% from a year ago. For the quarter, the closely-followed same-store sales figure came in at 8.6% in the U.S., versus estimates of 5% growth. Sales were spurred by the continued boom in electronic commerce, which grew 69% from a year ago in the quarter.

The closely-followed same-store sales figure came in at 8.6%, ahead of expectations on a "robust" holiday season and an uptick in January because of the stimulus checks. In the U.S., transactions declined 10.9% in the quarter as customers made fewer trips, while the average ticket jumped 21.9% as shoppers stocked up during those visits.

In terms of merchandise, grocery sales posted high single-digit comparables, as stores increased their hours and saw better in-stocks. Food sales were strong across categories, while household chemicals and paper products continued to show strengths. Walmart's grocery pickup and delivery saw record-high sales volumes again in the quarter as customers shift toward e-commerce options.

The pharmacy also saw its comp sales growth in the mid-single digits, while general merchandise posted low double-digit growth. The general merchandise category performance benefitted from customers looking for comfort, leisure, and recreation across electronics, sporting goods, toys, and outdoor living. Walmart said stimulus spending benefitted its January sales.

In its fiscal 2022 full-year guidance, Walmart said it expects U.S. same-store sales, excluding gas, to grow in the low-single digits. It also expects consolidated net sales growth to be up in the low single-digits.

“Assumptions in the guidance are dependent upon the duration and intensity of the COVID-19 health crisis globally, timing and effectiveness of global vaccines, the scale and duration of economic stimulus, employment trends and consumer confidence,” Walmart noted.