New York — Wal-Mart Stores expects US e-commerce sales to surge 40% in the next fiscal year as its online investments allow the retail giant to play catch-up with Amazon.com. The company also plans to add 1,000 online-grocery locations — roughly double the current number of sites — which help fill orders from customers buying their food on Walmart.com. Total sales, meanwhile, are expected to grow at or higher than 3%, the retailer said as part of a forecast issued ahead of its shareholder meeting on Tuesday. The upbeat guidance sent Wal-Mart shares up as much as 2.6% to $82.62 in early trading. This follows a 17% increase this year by Monday’s close. The outlook lends evidence to the view that Wal-Mart’s company-changing bet on e-commerce is beginning to pay off. CEO Doug McMillon has channeled more than one third of the business’s capital spending budget into digital initiatives — like specialized e-commerce distribution centres — up from just 20% a few years ago. "It is clear that...
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