Walmart Q1 FY21: Sales Jump 10.7% To $135 Billion
Walmart, a US-based multinational retail corporation, reported 10.7 per cent revenue growth to $134.6 billion in first quarter (Q1) FY21 ended on April 30, 2020 compared to $123.9 billion in same period prior year. Operating income grew 5.6 per cent to $5.2 billion (Q1 FY20: $4.9 billion). Net income attributable to Walmart was $3.9 billion ($3.8 billion).
“More than ever, the news this quarter is our amazing associates. They are rising to the challenge to serve our customers and our communities,” Doug McMillon, president and CEO of Walmart, said in a press release.
Sales of Walmart US increased 10.5 per cent to $88.7 billion ($80.3 billion), led by strength in food, consumables, health & wellness and some general merchandise categories, Walmart reported.
Sales of Walmart International increased 3.4 per cent to $29.8 billion ($28.8 billion).
Walmart US e-commerce sales grew 74 per cent with strong results for grocery pickup and delivery services, walmart.com and marketplace.
Sam’s Club sales jumped 9.6 per cent to $15.2 billion ($13.8 billion) due to in-club transactions. E-commerce sales for the segment grew 40 per cent.
Walmart reported that due to unprecedented variability in the macro environment brought on by Covid-19, the company is withdrawing financial guidance for fiscal year 2021.
“The decision to withdraw guidance reflects significant uncertainty around several key external variables and their potential impact on our business and the global economy, including: the duration and intensity of the Covid-19 health crisis globally, the length and impact of stay-at-home orders, the scale and duration of economic stimulus, employment trends and consumer confidence,” Brett Biggs, Walmart Inc chief financial officer, said.
While the short-term environment will be challenging, we’re positioned well for long-term success in an increasingly omni world.”