Reportedly, Walmart Stores, Inc. (WMT) released their quarterly earnings ending Oct. 31 beating market expectations as the retail giant reported a 79% surge in its online sales as spending on electronics, sporting goods, and groceries increased.
- Sales at U.S. stores open at least a year rose 6.4%.
- Operating income increased by 22.5% to $5.79 billion in the third quarter.
- Walmart reported adjusted earnings per share of $1.34 that exceeded expectations for $1.18.
- Total revenue increased 5.2% to $134.71 billion, beating estimates for $132.23 billion.
- The rise in demand for essentials at Walmart witnessed a peak with consumers relying on its same-day delivery options and store pick-up services to purchase everything from groceries to sneakers.
- The retailer had to bear about $600 million in additional COVID-19 expenses that include higher wages for warehouse workers and bonuses for store employees and keeping its facilities clean and safe amid the pandemic.
“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,” stated Chief Executive Officer Doug McMillon.
Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, and membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.