Walmart climbed to new heights after biggest earnings surprise

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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
“I want to give a big thank you to our associates for their tireless efforts during these unprecedented times. 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.” - Doug McMillon, CEO of Walmart, said.

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.

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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
 
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