1 Surprising Number From Walmart's First-Quarter Results

Walmart (NYSE: WMT) was sure to have a blowout first quarter this year, as it's kept its doors open throughout the coronavirus pandemic. Sales jumped 8.6% year over year due to consumers stocking up on groceries and everything else available at its stores. Shoppers flocked online as well; digital sales improved 74% last quarter.

But that was expected.

What was surprising was Walmart's operating expenses as a percentage of revenue fell significantly. Operating expenses accounted for just 20.3% of Walmart's revenue last quarter, versus 20.9% a year ago. That's despite hiring over 235,000 new employees, increasing wages and bonuses, and various efforts to reduce the spread of COVID-19 for both employees and customers.

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Source Fool.com