Friday, May 22, 2020

Americans splurge at Walmart, Target as stimulus checks kick in

Yahoo Finance
The Trump Administration's coronavirus relief payment provided a fillip to sales of major retailers in April as millions of Americans used the money to buy everything from video games to sewing machines even as the country struggles with record job losses.

Walmart and Target Corp noted in their earnings call this week that quarterly comparable sales, which rose about 10%, got a major boost from increased demand for non-essentials at the end of last month.

"Call it relief spending, as it was heavily influenced by stimulus dollars," Walmart Chief Executive Doug McMillon said on Tuesday, citing a jump in sales of clothing, televisions, video games, sporting goods and toys. . . . more