Wal­mart up­beat af­ter China success

China Daily (Canada) - - NEWS CAPSULE -

Ro­bust third-quar­ter sales growth in China and some key mar­kets is mak­ing US re­tail giant Wal­mart Inc up­beat about full-year earn­ings prospects.

In­vest­ments in e-com­merce and a home de­liv­ery sys­tem for gro­ceries are fur­ther boost­ing its con­fi­dence.

Third-quar­ter rev­enues in China rose 4.3 per­cent year-onyear, driven by strong sales of fresh food, it said, with­out dis­clos­ing ab­so­lute fig­ures.

Wal­mart’s global rev­enues in the third quar­ter reached $124.9 bil­lion, up 1.4 per­cent year-on-year.

The world’s largest re­tailer has more than 400 stores in over 180 Chi­nese cities. The re­tailer said it plans to open 30 to 40 more new stores ev­ery year, and it will build more in­tel­li­gent stores that utilize ad­vanced tech­nolo­gies.

Dur­ing the third quar­ter, Wal­mart China launched three new joint ini­tia­tives with JD, an on­line mar­ket­place in China. In ad­di­tion, Wal­mart an­nounced a $50 mil­lion strate­gic in­vest­ment in New Dada, China’s largest lo­cal on-de­mand lo­gis­tics and gro­cery O2O (on­line-to-off­line) e-com­merce plat­form.

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