Wal-Mart's strength at its bricks-and-mortar U.S. locations this quarter was to be expected, said Daniel Binder, Jefferies & Co. senior equity research analyst. Recent store visits conducted by Jefferies show chronically bad locations were cleaner and better stocked, he said.
However, deceleration in Wal-Mart's e-commerce business is cause for some concern, Binder told CNBC's "Squawk on the Street."
Wal-Mart's Biggs said the company's 7 percent constant-currency growth in e-commerce is not as strong as he would like, but added that the retailer is making "foundational progress."
"They have about 10 million SKUs online. But that hasn't grown fastest enough for them," Budd Bugatch, retail analyst at Raymond James & Associates, told "Squawk Box."
Shares of Wal-Mart are up about 13 percent year to date, but it has struggled in the past 12 months, falling about 9 percent.
WMT in past yearSource: FactSet
On Monday, Wal-Mart announced it had signed an expanded sourcing deal with McKesson, which will help lower costs as the retailing giant and U.S. drug distributor expand an alliance for jointly procuring generic medicines.
The deal is aimed at "using our combined size and scale to drive efficiencies," George Riedl, senior vice president and president of the health and wellness division at Wal-Mart in the U.S., said in a statement.
Wal-Mart also made headlines earlier this month when it said it was suing Visa for allegedly forcing the retailer to let customers use signatures when paying with their chip-based debit cards.
"PIN is the only truly secure form of cardholder verification in the marketplace today, and it offers superior security to our customers," Wal-Mart said in a Tuesday statement.
— CNBC's Christine Wang, Matthew J. Belvedere, Tom DiChristopher and Courtney Reagan, as well as Reuters contributed to this report.