Arkansas retailer Walmart Inc. reports record surge in US online sales


by   |  VIEW 469
Arkansas retailer Walmart Inc. reports record surge in US online sales

On Tuesday, the 19th of May 2020, Bentonville-based Walmart Inc., the world’s largest multinational brick-and-mortar and online retailer operating wide-ranging stores’ chains such as hypermarkets, discount departmental stores alongside grocery stores, had reported a record surge in US online sales over its first quarter of the year that ended on April 30th, beating the Wall St.

estimates for both quarterly revenue and earnings, while a broad-based attempt of a swathe of consumers to stock up necessary goods amid the pandemic-led forced closures appears to have contributed sharply to a gain in brick-and-mortal store sales.

Aside from that, following the release of Walmart Inc.’s first quarterly earnings’ report, NYSE-listed shares’ prices of the retailing industry tycoon that added about 7 per cent this year thus far, had opened up the day 3.13 per cent higher, however, were trading 0.74 per cent lower to $126.85 per share during preparation of the report, on midday US trading hours, as US Treasury’s Mnuchin’s comment on a downbeat second-quarter growth alongside a record decline in consumer spending seem to have prompted investors to pocket profits.

Besides, according to the American multinational retailer’s Tuesday’s (May 19th) earnings’ report for its first quarter that ended on April 30th, Walmart Inc. had logged a 74 per cent rise in online sales, while overall sales of the US retailers rose by 10 per cent on a year-on-year basis and total revenues grew by 8.6 per cent to $134.6 billion, beating an analysts’ estimate of $132.79 billion.

Meanwhile, adding that the retailer had witnessed a rebound in sales in the second half of April after initial hoarding, following the release of a Government aid package of $1,200 for each adult US individual, Walmart Inc.

Chief Executive Doug McMillan said to the analysts in a post-earnings’ call on Tuesday (May 19th), “Toward the end of the quarter, another phase emerged, call it relief spending,” adding sales were rising in the categories such as video games, apparels, televisions, sporting goods and child’s playthings.