Walmart (WMT.US) reported its results financial results for the first quarter of fiscal 2021. Company reported adjusted EPS of $1.18 per share on revenue of $134.6 billion while analysts expected Walmart’s first-quarter adjusted EPS to decline by about 0.9% YoY to $1.12 and revenue to rise 6.9% YoY (year-over-year) to $132.5 billion.
Unlike other retailers, Walmart’s stores stayed open amid the coronavirus outbreak. Walmart U.S. comp sales increased 10.0%, led by strength in food, consumables, health & wellness and some general merchandise categories. These products have been in demand amid the pandemic.
Walmart also reported a strong 74% growth in e-commerce sales. To support e-commerce sales, Walmart introduced its Express Delivery service in 100 stores in mid-April for a premium charge of $10. The facility ensures no-contact delivery within two hours of a customer placing an online order. The company plans to expand the new delivery option to 2,000 stores.
Company incurs incremental costs related to COVID-19 of nearly $900 million.
Walmart (WMT.US) stocks jumped over 4 % in pre-market after company reported strong quarterly results. Should upbeat moods prevail, resistance at $133.62 per share may come into play.Source: xStation5
