NEW YORK – Walmart turned out another stellar quarter as the world’s largest retailer powers through a pandemic that has felled other national chains.Third-quarter profits surged 56% and revenue hit $133.75 billion, a 5.3% increase.
Both were better that Wall Street had projected. Online sales spiked nearly 80% after nearly doubling in the previous quarter.Sales at stores opened at least a year rose 6.4%.It is a promising sign for Walmart ahead of the coming holiday season and the quarter provides more evidence that its expansion into online grocery is widening the gap with rivals.
Still, the Bentonville, Arkansas, company faces increasing challenges from Amazon.com, which on Tuesday opened an online pharmacy that will challenge Walmart's.