Americans stockpiling groceries and household essentials during the coronavirus pandemic provided Walmart with one of its best quarters in decades
Walmart said Tuesday that sales at stores open for at least a year soared 10% last quarter compared with the year prior. Online sales spiked 74%.Walmart is this country's largest grocer and has benefited from shifting shopping patterns during the crisis. Consumers cut back on some discretionary spending but continued to buy food and household goods as they sheltered at home. The company's investments in ecommerce also paid off in the quarter.
Americans slowed their trips to stores, but bought in bulk when they shopped. Although Walmart recorded nearly 6% fewer transactions during the past three months, the average receipt soared 16.5%, the company said.A similar trend played out at Home Depot amid the pandemic: Transactions at stores last quarter dipped 4%, but the average receipt jumped 11%, the company said Tuesday. Walmart and Home Depot were deemed"essential" businesses during the crisis and kept stores open.
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