McMillon said government stimulus money boosted overall sales as consumers are increasingly splurging on clothing, as well as lawn and garden items.."In the U.S., customers clearly want to get out and shop."
The company's first-quarter net income was $2.73 billion, or 97 cents per share, in the three-month period that ended April 30. Sales rose 2.6 percent to $137.16 billon, while analysts were expecting $132.16 billion,Walmart CEO Doug McMillon said the company is seeing an increase in sales of teeth whitener and travel products as Americans ease mask restrictions and begin venturing out from the pandemic.
Walmart has pushed further into fast and convenient delivery over the past year and sales at its stores were elevated with so many other retailers forced to close during lockdowns. Even the massive infrastructure put into place by Walmart in recent years was strained by the crush of orders from millions of people sheltering at home.
It bumped up spending by $14 billion to speed up its distribution network, and in February said it would raise its average hourly wage to more than $15 per hour, a $1 increase.Walmart said that it now expects earnings to increase in the high single digits; previously, the company had projected a slight decline in profit for the year.
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