Walmart Q2 results crush estimates, as e-commerce sales jump 97%
KEY POINTS
Walmart’s e-commerce sales in the U.S. shot up by 97% as customers had packages shipped their homes and used curbside pickup.
The retailer’s U.S. same-store sales grew by 9.3% in the second quarter, fueled by purchases of food and general merchandise.
The company did not provide a financial outlook for the rest of the year.
Walmart posted its biggest earnings surprise in 31 years Tuesday as shoppers rushed in to spend their stimulus checks, and online sales nearly doubled during the coronavirus pandemic.
The discount retailer has been leveraging its massive store base and the investments it’s made in e-commerce to supply customers with food and other goods during the pandemic. U.S. same-store sales climbed 9.3% in the fiscal second quarter, while U.S. e-commerce sales surged 97%, as more customers shipped packages to their homes and used same-day delivery and curbside pickup.
Walmart CEO Doug McMillon said the company will look to build on these gains by adding a membership service. He did not say when that would launch or provide details about its perks. He said the program will speed up deliveries for customers through curbside pickup and delivery, strengthen relationships with them and collect valuable data.
