August 18, 2020

Walmart profits boosted by e-commerce, US stimulus payments

New York (AFP) – Walmart reported Tuesday a jump in second-quarter profits due to surging e-commerce sales during the coronavirus pandemic and US stimulus payments that propelled consumer spending.Net income was $6.5 billion, up nearly 80 percent from the year-ago period, boosted also by a large gain based on its investment in Chinese company¬†Revenues rose 5.6 percent to $137.7 billion and included a lift from a 97 percent increase in Walmart US e-commerce sales.The world’s biggest retailer cited robust demand for groceries and heavy use of e-commerce from home-bound consumers. Sales w…


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