Walmart's online sales surged 97% in second quarter
Walmart's online sales have surged throughout the coronavirus pandemic as US consumers continue to shop from home and opt for the store's delivery and curbside pickup options.
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The world's largest retailer said its second quarter US e-commerce sales rose 97% while same-store sales increased 9.3%. The increase was led by Walmart's online grocery business, where pickup and delivery services experienced all-time high sales volumes.
Like Amazon, Walmart is one of the primary retail winners during the pandemic. The company has leveraged its scale and supply chain to ramp up e-commerce operations and its food business continues to drive results. Walmart's online grocery and e-commerce strategy -- which relies heavily on the chain's enormous physical footprint -- lines up with the company's broader omnichannel efforts as it chases Amazon's success online.
As for the numbers, Walmart reported a net income of $6.48 billion, or $2.27 a share. Revenue came to $137.74 billion with non-GAAP earnings of $1.56 a share. Analysts expected revenue of $135.48 billion and earnings of $1.25 a share.
"I want to give a big thank you to our associates for their tireless efforts during these unprecedented times," said Walmart CEO Doug McMillon. "We also appreciate the trust and confidence of our customers. We remain focused on serving them well now and expanding our set of global capabilities to serve them well in the future."
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