While the coronavirus pandemic has accelerated bankruptcies for department stores like J.C. Penney, Walmart saw its revenue grow by $10.7 billion.
The retail giant reported its first quarter earnings Tuesday, which show revenue growth of nearly 9% and comparable sales up 10%. With increased demand for grocery pickup and delivery services, online sales grew 74%, the company said.
“Our omnichannel strategy, enabling customers to shop in seamless, flexible ways, is built for serving the needs of customers during this crisis and in the future,” Doug McMillon, Walmart CEO and president, said in a news release.
The company says it has spent nearly $900 million on expenses related to COVID-19, which include cash bonuses to all hourly associates in the U.S. totaling approximately $755 million.
Store closings coming:J.C. Penney says it plans to close nearly 29% of stores – or 242 locations – as part of its bankruptcy
Designer collaboration:Target announces new Designer Dress Collection with LoveShackFancy, Cushnie coming in June
Last week, Walmart and Sam's Club announced they were giving hourly workers a second round of cash bonuses worth $390 million. Target announced Monday that it was extending the $2-an-hour temporary wage increase for employees through July 4, which is two months longer than originally announced.
This story will be updated.
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