McMillon said the company hasn't ruled out using the brand name in the future, but said he's seen the Walmart name "resonate regardless of income, geography or age." With the acquisition, Walmart gained a team of online talent - led by Marc Lore, founder of Jet.com and now chief executive officer of Walmart U.S. Walmart bought the e-commerce company for $3.3 billion in 2016 to speed along its e-commerce strategy and better position the brick-and-mortar giant to compete with Amazon. The retailer also announced that it is phasing out the Jet.com brand. Biggs said the virus has created "unprecedented variability" in the economy. He said many factors could influence the company's sales, including the duration of the Covid-19 crisis, the amount of economic stimulus and consumer confidence. "We're working to recover our in-stock position as we begin the second quarter."ĭespite beating Wall Street's expectations, Walmart joined many other companies in withdrawing its financial outlook. "Not only have products and categories like hand sanitizer, disinfecting wipes and sprays, toilet paper, beef, and pork been hard to find but items such as laptops, office chairs, and fabric have been cleared out in some of our stores and online," he said. At the end of the quarter, the retailer saw a bounce in spending as people gotstimulus checks and bought more discretionary items, such as clothing, TVs and toys. Later, he said they bought puzzles, video games and bicycles to keep them entertained, office and exercise equipment to help them with their new routine at home and decor to improve their living spaces. Initially, he said customers stockpiled groceries and household essentials. In a call with analysts Tuesday, McMillon described three distinct parts of the quarter. The company has had two rounds of special bonuses for employees and accelerated the payout of first-quarter bonuses. About three-fourths of that went to employee bonuses and expanded benefits, he said.
As Walmart's sales grew during the pandemic, so did its costs. To keep up with demand, Walmart hired more than 200,000 employees to help clean stores, stock shelves and fulfill online orders.īiggs said it spent nearly $900 million on expenses related to Covid-19.
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