The Trump Administration's coronavirus relief payment provided a fillip to sales of major retailers in April as millions of Americans used the money to buy everything from video games to sewing machines even as the country struggles with record job losses.
) noted in their earnings call this week that quarterly comparable sales, which rose about 10%, got a major boost from increased demand for non-essentials at the end of last month.
“Call it relief spending, as it was heavily influenced by stimulus dollars,” Walmart Chief Executive Doug McMillon said on Tuesday, citing a jump in sales of clothing, televisions, video games, sporting goods and toys. The U.S. government doled out relief checks of $1,200 in late April to help tens of millions of households cover essentials and cope with the financial distress brought on by the coronavirus pandemic as job losses reached 20 million.
However, as lockdown restrictions were eased, Americans moved away from stockpiling staples and instead splurged on discretionary big-ticket items, helping boost margins for retailers.
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