Walmart earnings topped market expectations and the stronger-than-expected third quarter results were boosted by ecommerce sales as shoppers continued to shift purchasing habits during the ongoing pandemic. In Canada, ecommerce sales jumped by 177 per cent while U.S. ecommerce sales grew 79 per cent.
"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," said Chief Executive Doug McMillon in a statement.
All of Walmart’s division saw remarkable growth with Canada comp sales growing almost 8 per cent.
Comparable store sales in the US rose 6.4 per cent, beating analysts' views for a rise of 4.1 per cent. Same-store sales for its Sam's Club wholesale unit rose about 11 per cent. Grocery rose by a mid-single digit, Walmart said, as food sales improved through the quarter and its pickup and delivery services saw record sales volumes.
Total revenue across the company increased $6.7 billion to $134.7 billion versus market expectations of $132.42 billion.