Walmart Inc. (NYSE: WMT) reported its financial results for the quarter ended April 30, 2020, on Tuesday before the market opens. The results exceeded analysts’ expectations.
The net sales and operating results were hurt by the outbreak of COVID-19 while unprecedented demand for products across multiple categories led to strong top-line results, which has risen over 9%. Walmart US comp sales increased 10% led by strength in food, consumables, health & wellness and some general merchandise categories.
Walmart US eCommerce sales jumped 74% with strong results for grocery pickup and delivery services, walmart.com and marketplace. Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com. The acquisition of Jet.com nearly four years ago was critical to accelerating its omni strategy. Due to unprecedented variability in the macro environment brought on by COVID-19, the company is withdrawing outlook for fiscal 2021.