Walmart earnings surge as coronavirus pandemic boosts grocery, electronics sales
Retailer earned $5.1B, or an adjusted $1.34 per share
Walmart Inc. said third-quarter profit soared 56% from a year ago as customers stocked up on health and wellness products, groceries and electronics amid the COVID-19 pandemic.
The Bentonville, Arkansas-based retailer earned $5.1 billion, or an adjusted $1.34 per share, as revenue rose 5.2% to $134.7 billion. Wall Street analysts surveyed by Refintiv were anticipating adjusted earnings of $1.18 per share on revenue of $132.2 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 88.39 | +1.21 | +1.39% |
“This was another strong quarter on the top and bottom line,” Walmart CEO Doug McMillon said in a statement.
COSTCO'S DELIVERS BIG SPECIAL DIVIDEND
E-commerce sales spiked 79% year-over-year while comparable sales rose 6.4% versus the prior year.
The grocery category saw comparable sales increase by mid-single digits amid strong demand for pickup and delivery services. Meanwhile, health and wellness and general merchandise categories saw comparable sales grow by high-single digits.
The average U.S. ticket grew 24% from last year as the number of transactions fell by 14%.
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Walmart shares were up 28% this year through Monday, outperforming the S&P 500's 12% gain.