Walmart becomes a lifeline, online sales surge 74%
NEW YORK (AP) — Walmart became a lifeline to millions of people as the coronavirus spread. Its profit and sales surged during the fiscal first quarter, topping 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, but so did costs.
Walmart spent $900 million in additional compensation for workers who manned checkout lines and kept goods flowing at warehouses. The company pulled its guidance for the year, citing the chaos of the pandemic.