(Reuters) – Walmart Inc (WMT.N) exceeded Wall Street expectations with its quarterly revenue and earnings on Tuesday and reported record U.S. online sales after consumers rushed to stock up on necessities during the coronavirus pandemic.
A person walks outside a Wal-Mart store in Mexico City January 11, 2013. REUTERS/Edgard Garrido/File Photo
Shares in the world’s top brick-and-mortar retailer were up 2% in morning trading and about 7% so far this year, far outpacing Wall Street’s blue chip index .DJI, which is down nearly 14% for the year.
Walmart, like many other essential businesses, has seen a surge in demand late in March and early in April as “shelter-in-place” orders made consumers stock up on staples while limiting their trips to the grocers.
The retailer said that though demand for toilet paper, surface cleaners and groceries tapered off after initial hoarding, sales rebounded in the second half of April as consumers spent the money received as part of a government…
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