Walmart’s online sales skyrocketed in its latest quarter, thanks in large part to people’s changing shopping habits due to the COVID-19 pandemic. As CNBC reports, Walmart’s online sales shot up 79% in the company’s Q3, which ended on October 31. Not only are customers buying more products like clothes and toiletries online, but they are also flocking to Walmart for groceries delivered to their door.
Here are the key results from Walmart’s Q3:
- Revenue: $134.7 billion, up 5.2% YOY
- Net income: $5.14 billion, up from $3.29 billion a year earlier
- Earnings per share: $1.34
In addition to online sales increasing by 79%, U.S. same-store sales were also up by 6.4%. However, the key takeaway from this quarter is that Walmart is increasingly looking like it will have little problems holding its own against Amazon in the online retail space. And that’s good news for investors, as Walmart CEO Brett Biggs noted, since the pandemic began, customer purchasing patterns saw “three to five years of acceleration in e-commerce, really in a period of weeks and months.”