The pandemic was good for Walmart
Walmart posted higher-than-expected Q2 earnings today, exceeding analysts' outlook.
The store chain's revenue came in at $137.74 billion, topping the $135.57 billion expected. During the same time last year, it had a revenue of $130.38 billion. The company's net income came in at $6.48 billion, almost double than last year's $3.61 billion.
The adjusted EPS was $1.56, outperforming the $1.25 forecasted.
Same-store sales in the US rose 9.3%, the increase being boosted by food and general merchandise. The expected growth was 5.4%.
In the US, online sales numbers almost doubled from last year's, coming in at 97%.
The retailer spent around $1.5 billion on costs related to the pandemic, as it hired more than 400,000 workers to clean, disinfect, and fulfill online orders.
Walmart didn't provide any financial outlook for the rest of the year, given the current global situation.
At the moment of writing, Walmart's stock price is trading at -0.60%.
Since the beginning of the week, Walmart stock gained 14.1%, while USA30 lost 2.4%.
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Sources: cnbc.com, marketwatch.com
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