NEW YORK – Walmart blew past Wall Street projections in the first quarter with U.S. stimulus payments to Americans helping to boost sales and the company raised its expectations for the year.
Sales at stores opened at least a year rose 6%, slowing from the 8.6% increase during the fiscal fourth quarter. But it topped last year's 10% spike when Walmart turned into a pandemic lifeline for millions of people.
Online sales rose 37% down from its 69% during the fourth quarter. “Our optimism is higher than it was at the beginning of the year," said said CEO Doug McMillon. “In the U.S., customers clearly want to get out and shop.” McMillon said that government stimulus money boosted sales and that there is a lot of pent-up demand as the nation