Walmart Got Big Boost Due To Panic Buying
WALMART REPORTS STRONG SALES DURING THE QUARANTINE FOR ESSENTIAL ITEMS AND HOME OFFICE SUPPLIES, INCREASED REVENUE FROM GOVERNMENT STIMULUS
(CNN) – Walmart’s stock price is up as it announces strong sales of essential items during the pandemic.
The country’s largest retailer says sales are up 10% in the three month period ending April 30th compared to last year.
Meanwhile, online sales are up a whopping 74-percent.
Walmart said it also got a boost in April from shoppers using their government stimulus payments.
Customers bought essential goods in bulk and home office supplies also sold out quickly.
To reward the employees who are keeping up with that demand, Walmart paid out two cash bonuses during the crisis.
The big box retailer has also hired 235,000 new employees, most on a temporary basis.