Walmart’s Q2 results beat expectations

BENTONVILLE, Ark. — Walmart’s online sales almost doubled in the second quarter, while U.S. same-store sales spiked by 9.3 percent. Net income for the quarter came to $6.48 billion, or $2.27 per share. Adjusted earnings of $1.56 per share outdid analyst expectations of $1.22. Revenues of $137.74 billion also beat estimates. In Canada, net sales grew by 13.9 percent while comparable sales were up a full 14 percent. Despite the strong performance, consumer activity began to drop off as federal pandemic aid dried up. “As the benefits from stimulus wane towards the end of the quarter, we saw comp sales settle into a more normal range,” said CEO Doug McMillon.