Walmart beats on profit, posts record growth in online sales amid Covid-19

Walmart Inc posted its biggest-ever growth in online sales on Tuesday as shoppers cashed in stimulus checks and ordered everything from electronics and toys to groceries from the safety of their homes amid the Covid-19 pandemic.

The near-doubling of online sales in the second quarter helped the retailer trounce Wall Street expectations for quarterly profit and same-store sales.

The results showed that the unprecedented spike in demand seen by big-box retailers at the peak of the coronavirus lockdowns has remained strong even as restrictions ease, with shoppers using their stimulus checks to shop for discretionary items like sneakers and clothes.