Walmart reported increased first quarter profit on online sales growth
New York: The world’s largest retailer, Walmart, reported a first-quarter profit increase on Tuesday, driven by a steep increase in e-commerce sales of groceries and essential commodities for consumers due to the coronary epidemic.
Walmart said US e-commerce sales jumped 74% in the quarter ended April 30.
Profits increased 8.6% to 3.9% to $ 4.0 billion and revenue to $ 134.6 billion.
Shares rose after the results, which topped analyst expectations despite higher costs.
Walmart paid special cash bonuses to line employees, employees equipped with safety masks and sneeze guards at checkout stations, and fast forward to creating or expanding programs such as curbside pickup and mail-to-home service for pharmacy sales Increased.
The company said it was shutting down Jet.com, which it acquired in 2016 as Walmart was building its online sales business. The move reflects “the continued strength of the Walmart.com brand”.
The retail giants joined a large number of publicly traded companies, citing “significant uncertainty” over the period of the COVID-19 crisis and its impact on consumer confidence.
Chief Financial Officer Brett Biggs said, “Customers have trusted us to deliver on our brand promise, and our ability to perform well in almost any environment.”
“While the short-term environment will be challenging, we are well positioned for long-term success.”
The stock rose 3.7% to $ 132.50 in pre-market trading.