October 10, 2017
Walmart (WMT, +4.51%) expects little abatement in the pace of its torrid e-commerce growth next year, and the retailer’s latest forecast sent shares up 2% on Tuesday.
The world’s largest retailer, for years slow to respond to Amazon.com (AMZN, -0.38%) in the digital wars, has been on a tear in recent quarters, helped by the $3 billion acquisition of jet.com and overhaul of its marketplace last year, and by better integration of its stores with its digital business. The result was a 60% growth in U.S. e-commerce sales at its namesake chain last quarter.
And Walmart says domestic e-commerce sales should rise 40% in the fiscal year ending in early 2019. Last year, Walmart tapped jet.com CEO Marc Lore to head up its U.S. efforts after online sales growth had slowed under his predecessor. The company has also been on a shopping spree, snapping up smaller e-commerce players like ModCloth, Moosejaw, and Bonobos.
“We’re combining the accessibility of our stores with eCommerce to provide new and exciting ways for customers to shop,” Wal-Mart Stores CEO Doug McMillan said in a statement ahead of the retailer’s annual investor meeting.
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