People talk outside a Wal-Mart Pickup-Grocery store in Bentonville, Arkansas.
Rick Wilking | Reuters
Walmart‘s first-quarter earnings surged past Wall Street’s estimates on Tuesday as the company reported strong grocery sales and e-commerce growth, and raised its outlook for the year.
Shares were up more than 2% early Tuesday in pre-market trading.
The big-box retailer said more shoppers have headed to its stores and website to spend stimulus checks and to get ready to socialize again as Covid-19 cases decline and vaccination rates rise.
Notably, e-commerce sales in the U.S. rose by 37% even as consumers return to more normal activities.
Walmart CEO Doug McMillon said the company…