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Walmart Profits Increases By 74 Per Cent In First Quarter: Report

Walmart has reported that its first quarter profits has surged on May 19 in the e-commerce sector for groceries and essential items from consumers stuck at home

Walmart

Walmart has reported that its first-quarter profit has surged on May 19 in the e-commerce sector for groceries and essential items from consumers stuck at home due to the coronavirus pandemic. According to the reports, the world's biggest retailer said that US e-commerce sales triggered 74 per cent in the quarter ending April 30. According to the international media reports, its profit accounted for an 8.6 per cent increase in revenues to $134.6 billion from 3.9 percent to $4.0 billion. Walmart reportedly paid special cash bonuses to line workers, keeping in mind te safety of its staff with masks and sneeze guards at checkout stations. It also moved quickly to create or expand programs such as curbside pickup and mail-to-home service for pharmacy sales. 

READ: Walmart Plans To Hire 150,000 People Due To Increase In Demand Amid Coronavirus Outbreak

Walmart hired 150,000 people

The American retail corporation, is reportedly planning to hire almost 150,000 people in a bid to meet the increased demand. As per international media reports, the corporation will also be paying $300 million in bonuses to full-time employees and $150 to those part-time. The company also plans to speed up payment of the next quarterly bonus payments, which will take its payout to nearly $550 million. 

READ: As Walmart Becomes A Lifeline, Online Sales Surged 74%
The US retail giant in a statement said that the roles will be temporary at first, but many will also concert to permanent roles over time. While speaking about the bonuses, the corporation reportedly said that it wanted to reward the employees for their hard work and dedication to serving customers in a time of an unprecedented national health crisis. The hiring of more than one lakh people comes as travel restrictions and lockdown measures in several US states and cities have led people to stock up on essential goods. 

Walmart CEO said, “We know millions of Americans who are usually employed at this time are temporarily out of work, and at the same time we're currently seeing strong demand in our stores”. He further added that the company will also speed up recruitment by cutting the application process time from two weeks to 24 hours. 

READ: Flipkart Owner Walmart Enables Grocery Shopping Using Voice Commands With Google Assistant

READ: Walmart Pledges $25 Million To The Global Coronavirus Response Effort

Image Credit: AP

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