"Walmart International net sales were $34.9 billion, an increase of 5.5 per cent. Net sales in constant currency increased 6.3%, led by Flipkart, Mexico and Canada," Walmart said in its earning statement.
Walmart's net sales in the US, which is its biggest market, was up 7.9 per cent to USD 99.6 billion in the reported quarter from USD 92.3 billion in the year-ago period.
Walmart Inc owns a majority share in Flipkart. It had invested USD 16 billion in 2018 in the Bengaluru-based e-commerce platform. In July last year, it led a USD 1.2-billion round in Flipkart, valuing the e-commerce firm at USD 24.9 billion.
"The shape of our portfolio is changing and we are focusing our resources on the markets where we see the greatest opportunity for long term and sustainable profitable growth," Walmart International President and CEO Judith McKenna said.
She added that building an ecosystem on mutual enforcing assets with customer at the centre is Walmart's path to win the future of retail across international markets.
"I am more confident than ever in the work that they're (Flipkart and PhonePe) doing to serve our customers in India, and they're building a strong business, and helping support economic growth right across the country," she added.
She added that both the businesses have consistently delivered on the expectations, and Flipkart is positioned to "win India's e-commerce future".
"Flipkart GMV growth was impacted by a 53-day shutdown (lockdown) in the first half of the year. But the business rebounded and exited Q4 with strong momentum, delivering GMV growth, roughly double that of the full year," McKenna added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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