NEW YORK (AP) – Walmart emerged as one of the few lifelines to millions of
people as the coronavirus spread, leading to surging profit and sales for the
world’s largest retailer. Online sales jumped 74% for the Arkansas-based retail
giant’s fiscal first quarter that ended April 30. The sales were fueled by a
rush on canned foods, paper towels and other supplies as people sheltered in
place. The company said Tuesday that same-store sales at its U.S. namesake
stores surged, but so did costs. Walmart spent $900 million in additional
compensation for workers who staffed checkout lines and kept goods flowing at
warehouses. The company pulled its guidance for the year, citing the chaos of
the pandemic.
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