Walmart, the world largest retailer, has reported an increase in sales of ‘unlikely items’ like fishing rods in the second quarter of its financial year.
Walmart, the world’s biggest retailer and a prized outlet among fishing tackle brands, made special mention of fishing tackle sales as it revealed an impressive profit jump for the latest financial quart.
The chain posted net income of $6.5 billion, up almost 80% from the same period last year. A 97% surge in the company’s US e-commerce sales helped hike total revenues by 5.6% to $137.7 billion.
Shifting consumer behaviors and social distancing protocols have led to a supply crunch for ‘unlikely items’ such as fishing rods, says the company.
“I looked at the fishing store this week and we’re still really light, just basic terminal tackle, hooks, bobbers and stuff like that,” said Doug McMillon, Chief Executive of the retail powerhouse when he delivered Q2 earnings.
Walmart estimates there are 35 million Americans who fish, up from 25 million before the pandemic. Those are conservative figures compared to those quoted by the American Sportfishing Association (ASA), but may vary according to measures such as frequency.
The company reported that consumers are making fewer trips to stores, but are spending more. However, it did not provide a full-year profit target because the outlook remained clouded by the unpredictable course of COVID-19 and whether Congress would enact another round of fiscal stimulus.
Angling International – by Anthony