Walmart (NYSE: WMT) showed its continued growth during the pandemic, America’s biggest retailer announced better-than-expected second-quarter financial results on Tuesday. The company second-quarter results showed a U.S. comp-store sales increase of 9.3% over Q2 2019 and a 97% bounce in eCommerce. Pickup and delivery services experienced record-high sales, with approximately 3,450 stores allowing pickup and 2,730 stores offering same-day delivery.
- Earnings per share (EPS) $1.56 vs. $1.25 expected
- Revenue $137.7 billion vs. $135.5 billion expected
During the quarter, Walmart’s revenue rose 5.6%, or $7.4 billion, from the same quarter a year ago. Meanwhile, Walmart said it hired more than 500,000 new workers since the beginning of the year and spent $1.5 billion on coronavirus-related costs, including three cash bonuses for employees, during the quarter.
On the other hand, Home Depot (NYSE: HD) also reported strong sales growth, the company’s same-store sales jumped 23.4% in the second quarter, surging past analysts’ average estimate of a 10.5% rise.
On Tuesday, the Walmart shares surged 6% in the pre-market after the results announced, later the stock retreated from the new record highs of $137.63 and closed almost 1% lower.
Read more- https://gulfbrokers.com/en/walmart-climbed-to-new-heights-after-biggest-q2-earnings-surprise