Walmart Posts Record Increase in Online Sales Beats Estimates

Walmart said on Tuesday that it nearly doubled its online sales in the second quarter, record growth driven by sustained consumer demand during the lockdown imposed to fight the pandemic in the United States.

The American retailer, which posts quarterly profit and same-store sales above Wall Street estimates, saw its title climb 6% in early pre-market trading.

Walmart’s e-commerce sales in the United States also increased 97% in the quarter. Its operating profit also rose 8.5% to $ 6.1 billion (5.12 billion euros).

While analysts on average expected adjusted earnings per share to $ 1.25 ($ 1.05), Walmart once again beat estimates to $ 1.56 ($ 1.31).

Asda, the UK arm of Walmart supermarkets, reported a 3.8% like-for-like rise in second-quarter sales on Tuesday, supported by solid growth in grocery sales during the UK lockdown.

It nevertheless said that the additional costs generated by the pandemic had caused its operating profit to drop over the period.

Walmart, whose attempt to sell its stake in Asda to competitor Sainsbury last year was blocked by the UK competition authority, said in late July it had resumed the search for a acquirer.

 

 

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Walmart Posts Record Increase in Online Sales Beats Estimates - /10

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Walmart said on Tuesday that it nearly doubled its online sales in the second quarter, record growth driven by sustained consumer demand during the lockdown imposed to fight the pandemic in the United States

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