Big-box retailer Walmart posted its first-quarter sales, which saw the retail giant reporting $138.3 billion in total revenue, an increase of $3.7 billion, or 2.7 percent, from the same quarter last year.
Walmart follows a nontraditional fiscal year, with the first quarter consisting of February, March and April, thus February 2021 is the start of Walmart’s 2022 fiscal year.
“This was a strong quarter. Every segment performed well, and we’re encouraged by traffic and grocery market share trends. Our optimism is higher than it was at the beginning of the year. In the U.S., customers clearly want to get out and shop,” says Walmart president and CEO Doug McMillon.
McMillon says Walmart’s e-commerce strength continues to grow, and stimulus payments to many Americans helped buoy sales in the quarter. He says Walmart expects to see pent-up demand continue through 2021.
Comparable U.S. sales were up 6.2 percent in the first quarter, down from the 10.3 percent growth rate in the same period last year. E-commerce sales rose 37 percent in the first quarter. Even despite the excellent numbers, Walmart continues to strive to make adjustments that meet its shoppers’ needs.