Walmart Earnings Soar as E-Commerce Sales Jump, Shoppers Flock to Stores
Walmart shares rose more than 4% in Tuesday’s premarket after the retailer said its e-commerce sales grew significantly as customers bought groceries, cleaning items and other essentials online during the pandemic.
The big-box retailer’s e-commerce sales in the U.S. shot up by 74%, and same-store sales grew by 10% in the first quarter.
But like many other companies, Walmart said the virus has created “unprecedented variability” in the economy, and it withdrew its financial outlook. It also said it was phasing out the Jet.com brand, the e-commerce company it bought for $3.3 billion in 2016, saying the acquisition fueled its e-commerce strategy.