A jump in online sales has helped Walmart to beat Wall Street’s profit and sales expectations and to increase its forecasts for the year.
America’s largest retailer, which boasts vast stores throughout the United States and is often considered as a bellwether for the nation’s economy, said its total revenue in the three months to the end of April had risen by 6 per cent to $161.5 billion, with gains also being driven by upper-income households attracted by its lower prices.
Its online sales grew by 22 per cent over the period, surpassing the 17 per cent growth it achieved during the typically strong holiday season, thanks to strength in its pick-up and delivery services and increased sales through its third-party marketplace. The rise in
