On Tuesday, Walmart reported higher than expected third quarter earnings. The earnings reached high levels due to large online sales which have become a norm in the work-from-home culture that is set to return in larger number with new cases of COVID-19 on the rise.
Walmart Numbers vs Bloomberg consensus forecasts are as follows: Revenues were $134.7 billion while the forecast was $132.42 billion, The adjusted EP was $1.34 while the expectations were $1.18. The Walmart U.S. comp-store sales was 6.4% while the expectations were 3.3%. Walmart e-commerce sales were up by 79%.
Walmart said that shoppers “continued to consolidate store shopping trips with significantly larger average baskets and shifted more purchases to eCommerce.”
The grocery pickup and delivery operations hit record highs. In the US, Walmart has over 4,700 stores At the end of the quarter there are 3,600 locations that offer pickup service and approximately 2,900 stores offer same-day delivery.
Walmart stock also hit a record high near $156, as shares rose by 2.17% or approximately $3.31.
The eCommerce trend, a result of the COVID-19 era, will continue to boost big-box retailers as new infections spread across the nation and lockdowns are put in place by various states.
Walmart Inc. (NYSE:WMT)’s CEO Doug McMillon is considered the genius who took Walmart to the next level of e-commerce operations and in direct competition to Amazon.
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,500 stores under 56 banners in 27 countries and eCommerce websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.
NYSE: WMT CWEB Analysts view the stock as a long term growth and a great addition to your investment portfolio with an upward momentum of $1000 by 2021 with direct competition to Amazon.