Walmart beats profit estimates on buoyant online sales

Walmart Inc posted a bigger-than-expected increase in quarterly same-store sales and beat expectations for profit on Tuesday amid a 79% surge in its online business with overall rises in spending on electronics, sporting goods and groceries.

Sales at US stores open at least a year rose 6.4%, excluding fuel, in the third quarter ended Oct. 31. Analysts had estimated an increase of 4.16%, according to IBES data from Refinitiv.

The surge in demand for essentials at Walmart seen at the peak of the coronavirus lockdowns has carried into the second half of the year, with consumers relying on its same-day delivery options and store pick-up services to buy everything from groceries to sneakers.