Walmart (WMT) will release its first quarter earnings on Thursday. Yahoo Finance's Brooke DiPalma breaks down earnings expectations and four key areas investors should watch closely.

The retail giant is expected to report $159.5 billion in earnings and adjusted earnings per share of $0.53. US same-store sales are estimated to rise by 3.42%, boosted by increased foot traffic and ticket size.

DiPalma says she will be watching to see if Walmart continues to hold on to the grocery share gains it made during the pandemic. She is also looking for insight on its new private label brand, Better Goods, which will come at a higher quality and price. Last year, Walmart announced $9 billion in store renovations, and DiPalma hopes to see how the updated stores are performing. Finally, she says she has her eyes on Walmart's e-commerce business as it seeks to compete with the likes of Amazon (AMZN).

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This post was written by Melanie Riehl