Walmart’s investments in multiple aspects of its business continued to pay off in the fiscal second quarter. According to Walmart CEO Doug McMillon, the retailer is taking market share in grocery, adding thousands of third-party sellers to its online marketplace, and growing its advertising business. While the delta variant of the coronavirus casts a shadow of uncertainty, Walmart says that consumers are not reacting as they did when COVID-19 first made its appearance in the United States in 2020. Instead of stockpiling essentials, customers are looking for items to facilitate a return to something like normalcy.
Chief Financial Officer Brett Biggs said in an interview with CNBC that customers flocked to stores for items like luggage, party supplies and apparel as they were “coming out of hibernation.”