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.