Walmart Plans E-Commerce Growth; Stock Down on Sales Miss
Coming off a record Q4, Walmart executives cited “aggressive” plans for e-commerce growth during a Thursday virtual investor event. CEO Doug McMillon noted it wasn’t the first place to go to buy products online, and the retailer “has to earn…
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that” role: It requires the right assortment, price, service and on-time delivery, and “it takes some time to build those kinds of capabilities.” Revenue for the quarter ended Jan. 29 was $152.1 billion, up 7.3% from the year-ago quarter, the company reported (and see here). U.S. e-commerce sales jumped 69%. Revenue growth was below analyst expectations. “We know less than we typically do in a normal year,” Chief Financial Officer Brett Biggs said, citing the economy, COVID-19, government stimulus and vaccines. The stock closed 6.5% lower at $137.66.