Retail analyst Hitha Herzog says Walmart’s success amid the coronavirus is due to positioning itself as an ‘essential retailer.’
Walmart CEO Doug McMillon said Wednesday he hopes the U.S. and China will build a “collaborative” relationship as the coronavirus pandemic threatens to blow up the countries’ recent trade agreement.
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“It is our hope that these countries will work together, this administration and in years to come, to find ways to have a collaborative relationship,” McMillon told “Mornings with Maria.” “We want to be able to do business in China. I know a lot of American businesses and farmers want to as well.”
A customer wearing a mask shops at a Walmart supermarket amid the coronavirus outbreak on July 16, 2020, in Houston, Texas. (Zeng Jingning/China News Service via Getty Images)
Walmart has more than 400 stores and clubs in China and is building up e-commerce operations there, McMillon said.
“We buy products out of China, but in the U.S. about two-thirds of what we sell is made in the United States,” he added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 134.71 | -0.89 | -0.66% |
The retailer’s profit spiked 79% in the three months through June as more Americans ordered goods online while riding out the COVID-19 pandemic from home.
WALMART PROFIT SURGES AS CORONAVIRUS BOOSTS ONLINE SHOPPING SALES
The Bentonville, Ark.-based big-box retailer earned $6.48 billion, or an adjusted $1.56 per share, topping the $1.25 that Wall Street analysts surveyed by Refinitiv were expecting. Total revenue rose 5.4% to $137.7 billion, beating the $135.48 billion consensus.
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Fox Business’ Jonathan Garber contributed to this report.
