Walmart (WMT), the world’s largest retailer, reported better-than-expected second-quarter earnings results, bolstered by online sales that skyrocketed 97% during the period, as the coronavirus crisis prompted consumers to flock to e-commerce for their needs.
During the quarter, Walmart’r revenue rose 5.6%, or $7.4 billion, from the same quarter a year ago — benefiting from its status as an essential business that remained open during the darkest days of the COVID-19 lockdown.
Walmart also noted that sales, especially in the general merchandise category, were bolstered by government stimulus spending, especially at the start of the quarter. Congress and the White House are currently at odds over a new stimulus package that’s expected to top $1 trillion, and will likely extend additional unemployment benefits.
“As stimulus funds tapered off, sales started to normalize, but July comps still grew more than four percent,” the company wrote.