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Walmart touts online sales growth amid Amazon ecommerce battle

Release time:  2017-10-11 Release source:  Thomas Barrabi author:  ADNose browse:  109


In projections released before its annual investor day, the company said it expects U.S. online sales to increase by about 40% in fiscal 2019. In addition, Walmart said it would open less than 25 new brick-and-mortar store locations in fiscal 2019 while investing in expanded ecommerce infrastructure, including more online grocery pickup locations.

Walmart shares rose more than 5% to more than $84 in trading Tuesday. The stock surge marked the company’s largest single-day percentage increase since May 2016.

“We have good momentum in the business, we’re executing our strategy and moving with speed to win with the customer, who is more connected than ever and embracing tools that will save them both time and money,” Walmart CEO Doug McMillon said in a statement. “We’re combining the accessibility of our stores with ecommerce to provide new and exciting ways for customers to shop.”

Walmart on Tuesday touted major growth projections for its online sales division in the upcoming fiscal year, as the Arkansas-based retailer battles with ecommerce giant Amazon for market share in the competitive sector.