The Dow Drops Slightly as Walmart Reports Blockbuster Results, Home Depot Misses the Mark
Highly anticipated earnings reports from mega-retailers Walmart (NYSE: WMT) and Home Depot (NYSE: HD) came on Tuesday morning, but strong sales trends from both companies failed to drive a rally for the Dow Jones Industrial Average (DJINDICES: ^DJI). The Dow was down about 0.1% at 11:50 a.m. EDT today.
Walmart stock managed a small gain after the company reported revenue and earnings that easily beat expectations, while Home Depot shares slipped due to heavy costs related to the pandemic. Both retailers pulled their outlooks for the full year.
While many retailers were hit hard by the pandemic during the first quarter, Walmart's place as the top seller of groceries in the U.S. led to some spectacular results. Total sales jumped 8.6% to $134.6 billion, handily beating analyst estimates by $3.7 billion. Comparable-store sales in the U.S. soared 10%, driven by strong demand for food, consumables, and health and wellness products.
Source Fool.com
