Walmart posted better-than-expected results for the first three months of this year, as Americans flush with stimulus cheques boosted sales.
Walmart raised its annual earnings forecast on Tuesday after delivering better-than-expected results in the first quarter that showed shoppers, flush with United States government stimulus payments, splurged on clothing as well as lawn and garden items. Sales at stores opened at least a year rose 6 percent, slowing from the 8.6 percent increase during the fiscal fourth quarter. But that topped last year’s 10 percent spike when Walmart turned into a coronavirus pandemic lifeline for millions of people. Online sales rose 37 percent, down from 69 percent during the fourth quarter. “Our optimism is higher than it was at the beginning of the year,” said CEO Doug McMillon. “In the US, customers clearly want to get out and shop.”