Economy

Walmart says consumer spending dropped as stimulus checks ran out

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Shoppers are seen wearing masks while shopping at a Walmart store in Bradford, Pennsylvania, July 20, 2020.

Brendan McDermid | Reuters

Walmart‘s fiscal second-quarter sales got a boost from this spring’s stimulus checks, but that tapered off in July as shoppers spent that money.

Now, the retail giant is waiting to see if the government will put more cash in customers’ pockets and give the company another bounce — or if it will have to rely on other pandemic-related trends to buoy sales, such as Americans cooking at home and fixing up their yards.

Walmart reported a strong second quarter Tuesday, fueled by a 97% jump in e-commerce sales in the U.S. Walmart CEO Doug McMillon said the…



Source cnbc.com

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