Consumers spent $211.5 billion online during the second quarter of 2020, with e-commerce sales up 31.8% from the previous quarter, according to figures released by the Census Bureau of the Department of Commerce. E-commerce sales in the quarter accounted for 16.1% of total retail sales.
The data showed that total retail sales decreased 3.6% in the same period.
Compared to the year-ago period, second quarter 2020 e-commerce sales increased increased 44.5% while total retail sales decreased 3.6%.
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Deluxe announced its integration with Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending. Through this integration, Deluxe will offer HR & Payroll Solutions within Q2’s Partner Marketplace Program, enabling financial institutions to seamlessly provide these solutions to their clients, while generating recurring revenue and increasing customer retention. The Q2 Partner Marketplace allows financial service companies to provide applications to their consumer and small business clients. The Deluxe HR & Payroll application offered through the Q2 Marketplace, empowers small businesses to automate payroll, tax payments, hiring and onboarding, time management, benefits administration, and additional HR tools within a single platform for ease of use.
*Net sales decreased 5.3% year-over-year, to $3.2 billion, with comparable sales down 4.4% *Gross margin as a percentage of net sales was 39.5%, an increase of 48 basis points. *Selling, general & administrative (SG&A) expenses decreased 0.8% year-over-year, to $1.2 billion. As a percentage of total revenue, SG&A expenses were 36.3%, an increase of 166 basis points year-over-year. *Operating income was $43 million compared to $98 million in the prior year. As a percentage of total revenue, operating income was 1.3%, a decrease of 148 basis points year-over-year. *Net loss was $27 million, or ($0.24) per diluted share. This compares to net income of $14 million, or $0.13 per diluted share in the prior year. *Inventory was $3. 1 billion, a decrease of 13% year-over-year. *Operating cash flow was a use of $7 million as compared to a use of $202 million in the prior year.
Costco Wholesale Corporation reported net sales of $13.56 billion for the retail month of August, the four weeks ended August 30, 2020, an increase of 15.0 percent from $11.79 billion last year. For the 16-week fourth quarter ended August 30, 2020, the Company reported net sales of $52.3 billion, an increase of 12.7 percent compared to net sales of $46.4 billion during the similar period last year. For the 52-week fiscal year ended August 30, 2020, the Company reported net sales of $163.2 billion, an increase of 9.2 percent from the $149.4 billion during the similar period last year.