Walmart reported better than expected results due to the pandemic.
Since the pandemic took over, many businesses closed or managed to switch to online.
Walmart was one of those who worked on both fronts: online and physical stores. It seems that was the smart thing to do, as the Q1 financial report showed. The retail corporation reported a net income of $3.99 billion, with an EPS of $1.40. It is more significant than the last year's - $3.84 billion, and EPS of $1.18.
The revenue was $134.62 billion, 8.6% higher than last year’s $123.9.
The same-store sales 7.2% increase consensus was outperformed by the 10% posted. Online sales grew by a staggering 74%.
To keep up with the demand, Walmart hired 200,000 people to clean stores, to fulfill online orders, as people stockpiled on groceries, hand sanitizer, toilet paper, and personal care items.
The stock gained more than 3% in after-hours trading yesterday, and during today's pre-market session was up more than 1%.
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Sources: cnbc.com, investing.com
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