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Walmart reports biggest rise in online sales; store sales surge by 9.3%

The near-doubling of online sales also helped the biggest U.S. retailer to beat estimates for same-store sales in the second quarter

twitter-logoReuters | August 19, 2020 | Updated 09:19 IST
Walmart reports biggest rise in online sales; store sales surge by 9.3%
Sales at U.S. stores open at least a year rose 9.3%, excluding fuel, in the quarter ended July 31

Walmart Inc posted its biggest-ever growth in online sales on Tuesday as shoppers placed orders for everything from electronics and toys to groceries from the safety of their homes amid the COVID-19 pandemic. The near-doubling of online sales also helped the biggest U.S. retailer to beat estimates for same-store sales in the second quarter.

Sales at U.S. stores open at least a year rose 9.3%, excluding fuel, in the quarter ended July 31. Analysts had estimated a gain of 5.73%, according to IBES data from Refinitiv. Operating income rose 8.5% to $6.1 billion in the quarter, while adjusted earnings per share of $1.56 per share also topped estimates.

Also read: How Walmart plans to woo kiranas through Flipkart Wholesale

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