Walmart Boasts Record Online Sales & Positive Earnings
Walmart posted the biggest growth in online sales Tuesday, following clients cashing in their stimulus checks at the retail giant’s online store during the COVID-19 pandemic. Online sales have almost doubled in the second quarter, helping Walmart make it out a winner, as stock hit $134.80 record high in morning trading.
The giant’s operating income had risen 8.5% to $6.1 billion in the quarter, while adjusted earnings per share saw a value of $1.56, topping the average estimate of $1.25.
Nevertheless, as stimulus funds began to run short, Walmart’s sales came back to normal, currently recording an only 4% rise in comparable sales in July, and already seeing a marginal shares drop! How so quick?
"The health crisis has created ... both tailwinds and headwinds to our business," says CFO Brett Biggs "In Q2, we saw stronger-than-expected sales due in large part to stock-up buying and stimulus spending, but the duration and extent of future government stimulus remains uncertain."
Additionally, the back-to-school season did not make such a major sales ripple as it usually does. As school reopening plans are as vague as ever - the need for supplies is logically dwindling.
Certainly this worries some, but Walmart’s online and grocery business are still the brightest spots of the retail giant, and investors are taking a very close look at Walmart+. A to-be rival of Amazon’s Prime subscription, its launch could attract even more new customers and turn them into long-term loyal buyers. Walmart executives commented Tuesday that they are working hard towards the launch of the service.
*The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).
Cookies on Fondex
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.
You can customize your selection of which cookies you want to accept.
These cookies are necessary for the website to function correctly and cannot be switched off.
Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.
The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit topfx.com.sc