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Walmart sales soar amid the pandemic

Walmart
Posted at 7:47 AM, Aug 18, 2020
and last updated 2020-08-18 10:47:04-04

Walmart sales soared amid the pandemic, as Americans spent their stimulus checks and enhanced unemployment benefits.

Walmart reports its second-quarter sales at stores open at least a year rose 9.3% compared to the same quarter a year ago. It's online sales skyrocketed 97% compared to the second quarter of 2019 and its profit rose more than 79% to $6.4 billion.

The largest retailer in the world was deemed an "essential" service and stayed open throughout the pandemic, while other chains shut their doors.

Consumers have cut back on some discretionary spending during the pandemic, but they continue to buy food and household goods. Walmart's grocery business makes up more than half its sales.