The world’s largest retailer reported adjusted earnings per share of $1.56, exceeding estimates of $1.25 and 22.8% higher than the same period last year. Total revenue of $137.7 billion also beat consensus estimates of $135.37 billion.
While U.S. comparable store sales rose 9.3%, highlighting the report was unprecedented growth in online sales. Walmart said e-commerce sales grew 97% since the retailer introduced curbside pickup amid the peak of the coronavirus pandemic.
“I want to give a big thank you to our associates for their tireless efforts during these unprecedented times. We also appreciate the trust and confidence of our customers. We remain focused on serving them well now and expanding our set of global capabilities to serve them well in the future,” Walmart president and CEO Doug McMillon said in the earnings release.
Following issuing results, Walmart rose as much as 5%, joining Home Depot, which also issued strong earnings, in boosting the Dow higher in early trading, though gains have since muted.
Jim Cramer said Walmart tempered investor enthusiasm as much of its success came from the $1,200 stimulus checks.
Comparing Walmart to Joe DiMaggio, Cramer said, "Walmart is telling you we're not going to keep hitting and there may be other streaks, but this was a highly unusual streak."