Walmart reported better-than-expected earnings supported by a tremendous surge from online sales in the U.S., Canada and the U.K. In Canada, grocery ecommerce lead Walmart’s strong performance with ecommerce net sales rising more than 215 per cent. Net sales in Canada grew almost 14 per cent.
Overall, Walmart’s total revenue in the second quarter was $137.7 billion, an increase of $7.4 billion or 5.6 per cent.
“I want to give a big thank you to our associates for their tireless efforts during these unprecedented times. We also appreciate the trust and confidence of our customers. We remain focused on serving them well now and expanding our set of global capabilities to serve them well in the future,” stated Doug McMillon president and CEO, Walmart.
In its earnings report, Walmart Canada reported an increase in the gross profit rate and operating income, with a decrease in the operating expense noting that “strong topline growth in Canada was partially offset by incremental costs related to COVID-19.”