Walmart Online Sales Surged 74%
NEW YORK (AP) -- Walmart became a lifeline to millions of people as the coronavirus spread, and its profit and sales surged during the fiscal first quarter, topping almost all expectations.
Online sales jumped 74%, fueled by a rush on canned foods, paper towels and other supplies as people sheltered in place.
The company said Tuesday that same-store sales at its U.S. namesake stores surged 10%.
But costs soared. The company spent $900 million in additional compensation for workers who manned checkout lines and kept goods flowing at warehouses.
Walmart pulled its guidance for the year, citing the chaos of the pandemic.