'Another strong quarter': Walmart adapts to the pandemic, and its sales and profits surge

Walmart has notched another stellar quarter as the world’s largest retailer powers through a pandemic that has felled other national chains.

Third-quarter profits surged 56% and revenue hit $134.7 billion, a 5.2% increase. Both were better than Wall Street expected. Online sales spiked nearly 80% after nearly doubling in the previous quarter.

Sales at stores open at least a year, a key gauge of a retail chain's health, ncreased 6.4% in its most recent quarter – driven by general merchandise, health and wellness, and food.

"This was another strong quarter on the top and bottom line," Doug McMillon, president and CEO of Walmart, said in a statement.

The retailer has launched new shopping and delivery options since the pandemic began in March. It recently introduced its membership program Walmart+ – which offers free delivery from stores (on orders $35 or more), discounts on fuel and a Scan & Go feature for in-store shopping. The company has also bolstered its online offers.

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"We think these new customer behaviors will largely persist and we're well positioned to serve customers with the value and experience they're looking for," added McMillon.

The results are a promising sign for Walmart ahead of the holiday season, and the quarter provided more evidence that Walmart's expansion into online grocery is widening the gap with rivals.

Contributing: Associated Press