Global retailer Walmart announced a 74% rise in its online sales in the US, while overall Q1 comp sales grew 10%. Online sales growth was driven by strong results for grocery pickup and delivery services, walmart.com and marketplace. While overall rise in sales was led by strength in food, consumables, health & wellness and some general merchandise categories.
The company’s total revenue was $134.6 billion, an increase of $10.7 billion or 8.6%. Net sales at Walmart International were $29.8 billion, recording a 3.4% rise. Consolidated operating income was $5.2 billion, an increase of 5.6% and included lower losses in Walmart US e-commerce, compared to Q1 FY20.
Also read: Walmart pledges to hire more associates
Meanwhile, Walmart has incurred incremental costs of nearly $900 million related to COVID-19.
“More than ever, the news this quarter is our amazing associates. They are rising to the challenge to serve our customers and our communities. I’m proud of how they’re adapting and performing. Our omnichannel strategy, enabling customers to shop in seamless, flexible ways, is built for serving the needs of customers during this crisis and in the future,” said Doug McMillon, president and CEO, Walmart through an official statement.
Owing to the continued strength of the Walmart.com brand, the company has decided to discontinue Jet.com, which Walmart acquired around four years ago to accelerate its omnichannel strategy.