E-commerce

Walmart's robust Q2 driven by stimulus spend, economy status

Photo by istock.com

August 18, 2021

Federal stimulus payments, as well as the migration of shoppers back to physical stores, drove robust earnings for Walmart in the second quarter this year.

The top global retailer bested revenue and sales predictions and saw a 6% spike in e-commerce sales, according to a Yahoo Finance report.

Revenue was $141 billion, adjusted EPS was $1.78 and U.S. comp-store sales were 5.2%. The retailer attributed the better-than-expected financials to a "robust" national economy and "strong underlying business trends."

CEO Doug McMillon said worldwide e-commerce is "on track to reach $75 billion by the end of the year," in a statement regarding the earnings report.

"We grew market share in U.S. grocery, added thousands of new sellers to our marketplace, rapidly grew advertising businesses around the world, and we're finding innovative ways to commercialize our data and build technology. We have a unique ecosystem of products and services designed to serve customers in broader, deeper ways, and we're grateful to our associates for making it all happen," he said in the statement

Walmart CFO Brett Biggs told Yahoo Finance "back to school [shopping] is off to a strong start."