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.