Walmart upbeat after China success
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