'Another strong quarter': Walmart adapts to the pandemic, and its sales and profits surge

‘Another strong quarter’: Walmart adapts to the pandemic, and its sales and profits surge

Josh Rivera
 
| USA TODAY
Black Friday 2020: Walmart expands sale with more doorbusters onlineWalmart stores will be closed on Thanksgiving for the first time since the late 1980s.Walmart has notched another stellar quarter as the world’s largest retailer powers through a pandemic that has felled other national chains.Third-quarter profits surged 56% and revenue hit $134.7 billion, a 5.2% increase. Both were better than Wall Street expected. Online sales spiked nearly 80% after nearly doubling in the previous quarter.Sales at stores open at least a year, a key gauge of a retail chain’s health, ncreased 6.4% in its most recent quarter – driven by general merchandise, health and wellness, and food.”This was another strong quarter on the top and bottom line,” Doug McMillon, president and CEO of Walmart, said in a statement.The retailer has launched new shopping and delivery options since the pandemic began in March. It recently introduced its membership program Walmart+ – which offers free delivery from stores (on orders $35 or more), discounts on fuel and a Scan & Go feature for in-store shopping. The company has also bolstered its online offers.Black Friday: Walmart releases Black Friday ad with PlayStation 5, Xbox Series X listed as online-only amid COVID-19More: Walmart removes guns, ammunition from store displays ahead of election amid concerns of civil unrest”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,” added McMillon.The results are a promising sign for Walmart ahead of the holiday season, and the quarter provided more evidence that Walmart’s expansion into online grocery is widening the gap with rivals.Contributing: Associated Press


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