Walmart might have disappointed analysts with a fourth-quarter sales slowdown, but its online business is powering ahead amid a concerted counterattack on Amazon.
The US retail titan grew like-or-likes 1.9% in its domestic market during the three months to January 31, down from 4.2% a year ago. Online sales, by comparison, surged 30% in the final quarter of its fiscal year and were up 37% across the 12-month period.
During a presentation to analysts last week, Walmart chief financial officer Brett Biggs underscored just how big a beast its ecommerce division has become.
“This year, we estimate global ecommerce sales will approach $50bn and that’s doubling just over two years,” Biggs said. “$50bn in revenue would put this well within the Fortune 100, even just on its own.”
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