Economy

Walmart Sales Soar Amid Pandemic Stockpiling

Walmart Sales Soar Amid Pandemic Stockpiling”

During the quarter, Walmart International's gross profit increased 10 basis points on a reported basis, primarily due to the company's Flipkart business.

Four years after purchasing Jet.com for more than $3 billion, Walmart Inc. has made the decision to shutter the e-commerce business.

"Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com", the company said in an earnings news release. "The acquisition of Jet.com almost four years ago was critical to accelerating our omni strategy". He added that the Jet brand name could still be used in the future. Jet.com launched with massive VC funding and set its sights set on urban millennials. Jet.com went through a number of changes over the years and initially operated independently. The writing had already been on the wall for Jet.com for some time: In June, some of its staff had been folded into Walmart, while president Simon Belsham had stepped down amid declining sales.

India is presently under an unprecedented lockdown since March 25 to prevent the spread of the COVID-19 pandemic. He cited the growth of Walmart's curbside pickup, delivery to the home and expansion of categories beyond groceries, including apparel and home decor.

"As a result of the health crisis and related stay-at-home mandates, customers consolidated store shopping trips with larger average baskets and shifted more purchases to eCommerce". But the e-commerce business lost less money than it did in the year-ago quarter. Stores have sold out of adult bicycles and laptops as people looked for exercise alternatives or retooled to work or school children at home. As the Wall Street Journal reported in December, Walmart CEO Doug McMillon announced the retail giant would look to its supercenters as e-commerce hubs rather than focus on building separate e-commerce warehouses and standalone ventures.

That network retail locations give Walmart multiple ways to get products to consumers. In stores, shoppers visited less frequently, but they spent nearly 17% more per transaction, the company said on Tuesday as it became one of the first to report earnings from the months of the pandemic.

These offering are part of a broader trend.

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Walmart's online business, which rose 74% in the first-quarter, benefited from the retailer's investments in store pick-up and delivery services.

"Store pickup and delivery, ship to home, ship from store and marketplace channels were strong throughout the quarter", it said.

While Walmart's sales are up, there's concern that everyday items like food and toilet paper are less profitable than merchandise like clothing. March comp sales increased 15.4% year-over-year, while April saw comp sales rise by 9.5%.

In February, same-stores sales rose 3.8%.

Comparable sales in the US rose 10 percent, bolstered by food, consumables, health & wellness and some general merchandise categories. Crafts and fabric, in particular, saw sales growth.

Walmart said it is providing free masks and gloves to employees, and has installed sneeze guards at its checkouts.



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