Amazon's COVID-19 Spending Could Dwarf Walmart's $900 Million Outlay
Retail giant Walmart (NYSE: WMT) had a fabulous fiscal first quarter, with sales rising 9%, and online sales up 74%. Probably the biggest revelation from Walmart's report, however, was this: Racking up all those sales in the midst of a pandemic cost Walmart $900 million in cash bonuses and pay raises, safety equipment costs, and expenses related to sanitizing and otherwise making its stores safe to shop in.
In a recent earnings call, Walmart CFO Brett Biggs said it was a "reasonable assumption" that Walmart would spend another $900 million on COVID-19-related expenses this quarter as well.
If you think $900 million is a lot of money, though, then get a load of this: This quarter, Amazon.com (NASDAQ: AMZN) is warning investors that its COVID-19-related costs will be $4 billion, more than four times what Walmart is paying.
Source Fool.com
