The pandemic's effects on consumer spending buoyed Walmart up in the second quarter. The retailer's e-commerce sales rose a staggering 97%, while same-store sales rose 9.3%. Walmart reaped the benefits of past investments in its e-commerce capabilities. As the pandemic kept many consumers at home, the retailer had the programs in place to ship or bring their purchases to them. In fact, Walmart sold so much so fast that it struggled to keep many items in stock.
The question of what the rest of the year will look like for Walmart remains, especially given the uncertainty surrounding future stimulus checks. The retailer did not release a financial outlook for the rest of the year.
Walmart Chief Financial Officer Brett Biggs told CNBC that the retailer could get another bounce, if there’s further stimulus.