Wal-mart’s U.S. online sales jumped 74% in the first quarter
On May 19, local time, Wal-mart stores inc. (WMT) reported a stronger-than-expected first-quarter earnings report. Detailed data showed that Wal-mart’s revenue in the first quarter of $134.6 billion, higher than the expected $132.48 billion. Adjusted earnings per share were $1.18, above expectations of $1.12.
Significantly, Wal-mart’s U.S. store sales rose 10 percent to an expected 8.6 percent increase. Walmart’s online sales in America jumped by 74%. Unlike most stores in the brick-and-mortar retail market, Wal-mart’s strong online sales are complemented by steady store traffic.
Nevertheless, Wal-mart withdrew its guidance for fiscal 2021, citing “unprecedented variability” in the macro environment as a result of the outbreak.
Retail sales across the United States continued to recover, falling at least 6 percent for the year
States are expanding retail services. Shops in New Jersey are now allowed to offer a pick-up service, and shopping malls in Minnesota are open for people. Louisiana has also reopened its casinos at 25% of capacity.
San Francisco lifted restrictions on retail locations. Stores can now offer roadside pickup, but customers will not be allowed to stay in stores for several weeks.
Massachusetts Governor Charlie Baker released more details of the state’s four-stage opening plan. Starting Monday, retailers will be able to pick up goods at the roadside and reopen some parts of the state. Certain personal care services, such as hair salons and barbershops, can also be reopened under restrictions. In addition to Boston, office space will also be able to reopen at 25 percent of capacity.
According to Euromonitor, a market-research firm, retail sales in America are likely to fall by at least 6.5% by 2020. Variables in this prediction include the duration of the pandemic and the government’s response.
The best performing retail sectors this year included grocery retailers, e-commerce, third-party food delivery services, and big-brand food companies. But manages the difficulty, includes the clothing retail, the department store, and so on.
China is growing fast and the United States is coordinating with its Allies to keep its edge
For the United States, China’s growing technological capabilities, especially in cutting-edge technology, pose a security threat to the United States. But comments from U.S. professionals say China does not yet have the strength to fully challenge the U.S. in the high-tech sector.
The CNBC news report compared the science and technology race between the United States and China to a marathon race between superpowers. The United States still leads in many key areas of science and technology, but China has the potential to catch up and the United States cannot afford to take it lightly.