eCommerce Drives Increase in Walmart's First-Quarter Earnings
Customers have been turning to Walmart (NYSE: WMT) to fulfill their essential needs during the COVID-19 pandemic, and the company saw a large increase in sales as a result. Operating income increased as well, but was negatively affected by increased costs related to the health crisis.
Revenue increased 8.6% year over year to $134.6 billion, a huge increase from the past four quarters, when total revenue increased around 1% to 2% each quarter. Comps soared 10%, also much higher than a typical recent quarter. eCommerce grew 74%, focused on grocery pickup and delivery, as well as Walmart.com and the marketplace.
Image source: Walmart.
Source Fool.com
