To put it lightly, the first quarter of 2020 wasn’t great for many companies. Well, Walmart ( ) prevailed through the chaos.
Fully stocked. Stockpiling played into Walmart’s favor. Walmart shoppers made fewer trips to the store, but filled their carts to the brim; purchasing essentials like toilet paper instead of apparel.
- The average amount of sales per customer increased by 16%, but the number of transactions slumped by 6%.
Earnings beat. Walmart’s 1st-quarter revenue came in at $134.6 billion versus the $132.48 billion expected.
- Their e-commerce sales spiked 74% while their same in-store sales rose 10%.
- To keep up with demand, it also spent money on an additional 200,000 employees and $900 million on COVID-related expenses.
The future is uncertain. Things are looking up for Walmart (for now), but the commerce giant has withdrawn its annual financial outlook.
The cherry on top. Walmart announced it will discontinue Jet.com. Walmart purchased the retail site for $3.3 billion back in 2016… that’s gonna leave a mark.
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