Walmart’s revenue beat forecasts reaping big on online sales

USA - The American retail giant, Walmart’s revenue rose almost 2% higher than the forecasts to US$122.69 billion boosted by US online sales which grew 33% in the quarterly results. Earnings were up to US$1.14 cents per share as opposed to US$1.12 per share forecast by Thomson Reuters. Walmart e-commerce push reaped well on high…

Walmart acquires Flipkart for US $16b in one of the largest-ever ecommerce deals

INDIA - Walmart Inc. on has announced its high profile acquisition of Flipkart for US$16 billion for a valuation of over US$20 billion, making it the largest ecommerce acquisition in the world. ET Retail has reported that the 77% acquisition deal of the Bengaluru-based company, as per sources, is also the largest buyout for the…

Walmart delivers US$15m in commitment to achieve zero food waste by 2025

CANADA - Walmart Canada has announced a commitment to achieve zero food waste by 2025 after receiving a US$15 million funding from Walmart Foundation to support initiatives and research to reduce food waste in Canada. According to the company, the initiative builds on its long term commitment to food waste, dating from 2005. The company…

Walmart nears close of majority stake deal in India’s Flipkart

USA - Walmart, the American multinational retail corporation is likely to close a deal to acquire majority stake in the Indian ecommerce company, Flipkart by June in what ET Retail reports could be the biggest acquisition of an online business by the retailer. Walmart is stepping up its online business against Amazon, which Bloomberg reports…

Walmart-Flipkart deal set to boost infrastructure in India’s food market

INDIA - The proposed Walmart-Flipkart combine plans to make an aggressive play in the food sector with a substantial chunk of the Bentonville retailer’s investment in the Indian market place being earmarked to build back-end food and grocery infrastructure in a bid to gain pole position in India’s online and offline food retail markets. Walmart…

South African Massmart brags good profit and 2.7% growth in total sales

SOUTH AFRICA - Walmart’s South African subsidiary Massmart declared a final dividend of US$0.18, taking its total for its 2017 financial year to US$0.29, a 16% increase on the previous year’s US$0.25. Massmart downplayed its revenue and profit growth in a depressed consumer environment, stressing its 2017 financial year had 53 weeks whereas its 2016…

Campbell announces dismal results in the second quarter, low sales blamed for Walmart woes

USA - Campbell Soup Company has announced a 7% drop in sales in its second quarter with low sales blamed for the dispute between the company and a key customer Walmart. Organic sales decreased 2% with a drop in Campbell’s shares due to a decrease in demand for Campbell soups. “This was a disappointing quarter,…

Walmart partners with Rakuten to boost its grocery delivery service in Japan

USA - Walmart has partnered with Rakuten, a Japanese e-commerce company to launch a new online grocery delivery service with an aim to combat competition from rival Amazon. The partnership will enable Walmart to be the exclusive retailer of Rakuten’s products, selling e-books and audiobooks in its US stores and online. As part of the…