Coronavirus: Business and technology in a pandemic
From cancelled conferences to disrupted supply chains, not a corner of the global economy is immune to the spread of COVID-19.
Walmart said that its first quarter e-commerce sales were up 74% due to grocery pickup and delivery and added that it is discontinuing Jet.com, which was acquired in 2016.
The retail giant has fared well during the COVID-19 pandemic due to investments in digital transformation and the ability to ramp e-commerce operations. While expenses in the first quarter were higher, Walmart still delivered consolidated operating income of $5.2 billion, up 5.6% from a year ago. Walmart said its US e-commerce operations also curbed its losses.
In the first quarter, Walmart reported earnings of $1.40 a share with adjusted earnings of $1.18 a share. Revenue for Walmart was $134.6 billion, up 8.6% from a year ago.
Wall Street was looking for adjusted earnings of $1.12 a share on revenue of $132.7 billion. Walmart pulled its outlook for fiscal 2021. COVID-19 expenses in the quarter were $900 million including bonuses for associates, the launch of Express Delivery and hiring 235,000 new workers.
Core items in the quarter include: