Walmart Holds On to Pandemic Gains

Walmart is holding onto its gains made during the pandemic, when it cemented its role as an “essential” retailer offering household and food items as well as online and curbside delivery services.  

The retailer said Tuesday that total revenues during the first quarter were $138.3 billion, a 2.7 percent increase from last year. In the quarter ended April 30, U.S. e-commerce revenues continued to rise, registering a 37 percent increase. 

Comparable store sales increased 6 percent, and consolidated income was roughly $2.8 billion, a 32 percent decrease from the same period last year when Walmart was one of the few major retailers allowed to stay open during the pandemic’s early days when shoppers were panic buying and stocking up for lockdowns. Adjusted earnings per share for the quarter were $1.69. 

In a statement Tuesday, the company characterized its performance as a function of factors including stimulus payments that went out earlier this year as part of President Joe Biden’s American Rescue Plan Act, and some gains in its grocery department. 

“In the U.S., customers clearly want to get out and shop,” Walmart president and chief executive officer Doug McMillon said in a statement. “We have a strong position as our store environment improves and e-commerce continues to grow.”

“We anticipate continued pent-up demand throughout 2021,” he added.

Source: Read Full Article