Panic shopping and hoarding gave Walmart a huge boost last quarter
(CNN) — Americans stockpiling groceries and household essentials during the coronavirus pandemic provided Walmart with one of its best quarters in decades.
The Store 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%.
Although Walmart recorded nearly 6% fewer transactions during the past three months, the average receipt soared 16.5%, the company said.
“As a result of the health crisis and related stay-at-home mandates, customers consolidated store shopping trips with larger average baskets and shifted more purchases to eCommerce,” Walmart said in its earnings report.
Walmart’s stock rose around 4% in pre-market trading.
This is a developing story and will be updated.
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