Walmart (WMT) reported better than expected first-quarter earnings on Tuesday, as the coronavirus pandemic sends demand higher and driven by e-commerce sales growth and higher traffic in stores. The company said it would be withdrawing its 2020 guidance because of uncertainty during the coronavirus pandemic.
- Earnings per share (EPS) $1.18 vs. $1.12 expected
- Revenue $134.6 billion vs. $132.48 billion expected
Online sales jumped 74%, fuelled by a rush on canned foods, paper towels and other supplies as people sheltered in place.
“Our Omnichannel strategy, enabling customers to shop in seamless, flexible ways, is built for serving the needs of customers during this crisis and in the future,” Walmart CEO, Doug McMillon.
Wal-Mart said on last Tuesday that it would give another round of bonuses to its workers in the United States. The retailer said it had committed more than $935 million in bonuses for its workers so far this year. The bonus will be $300 for full-time hourly associates and $150 for part-time hourly and temporary associates.
Shares of Walmart gained 3.8% in premarket but later the stock closed 2.1% down.