The retailer’s e-commerce sales rose 97% in the quarter due to the pandemic, its revamped website and a new partnership with Shopify
New York — Walmart has benefited from soaring online orders and a market-leading grocery business through the pandemic, but with federal stimulus cheques no longer buoying consumer spending, tougher times could lie ahead.
“The outsize gains experienced over the past few months may be starting to ebb,” RBC Capital Markets analyst Scot Ciccarelli said in a note. “We started where we left off last quarter — general merchandise continued to be really strong through the quarter,” Biggs said. Walmart said gross profit margins in the quarter widened by 63 basis points as it sold more non-food items that deliver better profits, with demand for those items fueled by government stimulus cheques. But its operating expenses as a percentage of sales — a key metric watched by investors — increased in part due to $1.5bn in coronavirus-related costs.The results include a $380m charge for business restructuring, including layoffs.
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