Walmart once again delivered massive e-commerce gains in third quarter financial results, as US consumers continue to shop from home and opt for the store's delivery and curbside pickup options during the coronavirus pandemic.
The world's largest retailer said its third quarter US e-commerce sales increased 79% while same-store sales increased 6.4%. The increase was led by Walmart's online grocery business, where pickup and delivery services experienced all-time high sales volumes.
Throughout the pandemic, Walmart has leveraged its scale and supply chain to ramp up e-commerce operations and rapidly expand its food business. Walmart's online grocery and e-commerce strategy relies heavily on the chain's enormous physical footprint, as well as recent revenue-driving additions, such as the launch of Walmart+ and fuel perks for customers.
As for the numbers, Walmart reported a net income of $5.14 billion, or $1.80 a share. Revenue came to $134.7 billion with non-GAAP earnings of $1.34 a share. Analysts expected revenue of $132.2 billion and earnings of $1.18 a share.
"This was another strong quarter on the top and bottom line. Our associates continue to impress during this challenging year," said CEO Doug McMillon. "They are working together to serve customers and communities in new, relevant ways and we're very proud of them. We think these new customer behaviors will largely persist and we're well positioned to serve customers with the value and experience they're looking for. "