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Spending stimulus, on-site protection helps Walmart exceed Wall Street’s expectations



Spending stimulus, on-site protection helps Walmart exceed Wall Street's expectations

Walmart exceeded Wall Street’s expectations with quarterly revenue and revenue on Tuesday and reported record US online sales after consumers rushed to make ends meet during the coronavirus pandemic.

The world’s top brick-and-mortar retailer shares rose 2 percent in morning trade and about 7 percent so far this year, far exceeding Wall Street’s blue chip index, which is down nearly 14 percent for this year.

Walmart, like many other important businesses, has seen a surge in demand in late March and early April as “shelter” orders that make consumers buy staples while limiting their trips to wholesalers.

The retailer said that despite demand for toilet paper, surface cleaners and foodstuffs tapering after the initial hoarding, sales rebounded in the second half of April as consumers spent money received as part of a government aid package.

“Towards the end of the quarter, another phase emerges – call it aid expenditure,” Chief Executive Doug McMillon told analysts. He said sales had increased in categories such as clothing, TV, video games, sporting goods and toys.

Walmart executives said stimulus checks had helped provide a good start for the second quarter, but they did not expect spending to continue at the same pace.

The company offers little insight beyond that and pulls its forecast for a full year by saying there is too much uncertainty because of the pandemic.

Walmart’s online business rose 74 percent in the first quarter, because its investment in pick-up at the store and shipping paid off just as demand for the service surged.

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It said the power of online operations alone made him decide to stop, an online start-up that was acquired in 2016 for $ 3.3 billion.

This business underwent a reshuffle last year by integrating its retail, technology, marketing, analytics and product teams with Walmart’s own online business.

Walmart added that pickup and delivery of food items for food and other consumables reached record sales volumes and also saw high demand for electronic goods, toys and sporting goods in the quarter.

Overall, sales at US stores open for at least one year rose 10 percent, excluding fuel, in the quarter ending April 30. Analysts had expected an 8.8 percent increase, according to IBES data from Refinitiv.

Total revenue rose 8.6 percent, to $ 134.6 billion, also beating analyst estimates for $ 132.79 billion.

Responding to the surge in demand, the group has increased hiring, increased temporary wages and spent more on maintaining its shops and fulfillment centers and said additional costs related to the pandemic reached nearly $ 900 million.

That pushed operating margins down 62 basis points, to 20.5 percent, in the quarter, but operating income still rose 5.6 percent, to $ 5.22 billion, during the quarter. Adjusted earnings per share at $ 1.18, beating Wall Street’s expectations of $ 1.12.

“Walmart’s online business is largely able to handle this growth spurt in existing capabilities,” said Moody’s analyst Charlie O ‘Shea, describing the decline in margins as “quite benign.”

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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