OUTLOOK
US retail giant Walmart bets its online sales will expand
E-commerce sales will expand about 35%, boosted by more online-grocery pickup locations and new products
New York — Walmart expects some of its fastest sales growth this decade as it draws in more digital customers in its turf war against Amazon.com. Same-store sales in the US excluding fuel would grow 2.5% to 3% in the next financial year, the company said on Tuesday ahead of its shareholder meeting. That follows expected growth of about 3% this year, which would be the fastest pace since 2008, according to Bloomberg data. E-commerce sales will expand about 35%, boosted by more online-grocery pickup locations and new products. The share price rose as much as 1.1% to $94.89 as of 9.35am in New York. Shares are down 5% in 2018 through Monday’s close. Walmart’s web business has been a bright spot for the retailer as services such as online grocery and acquisitions of upscale brands have brought in new customers, who spend nearly twice as much as those who shop only at its stores.
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