Left Menu
Development News Edition

Walmart records profits of $3.8bn, revenue jump in Q1 amid competition with Amazon

Devdiscourse News Desk | Newyork | Updated: 16-05-2019 17:52 IST | Created: 16-05-2019 17:11 IST
Walmart records profits of $3.8bn, revenue jump in Q1 amid competition with Amazon
The American multinational retail corporation has announced this week a free next-day delivery offering in select markets after Amazon recently announced its plan of free next-day shipping to prime members. Image Credit: Flickr

Walmart, the planet's largest retailer has currently reported better-than-expected earnings on May 16 higher US store sales and e-Commerce growth following heavy investment in new "omnichannel" retail ventures.

According to the sources, Walmart has recorded profits of USD 3.8 billion, the number is said to be an of 80 percent from the year-ago period when results were dented by one-time earnings hit following US tax reform.

Walmart is always in a tight competition with Amazon and other competitors at global level amid digital transformation. The American multinational retail corporation has announced this week a free next-day delivery offering in select markets after Amazon recently announced its plan of free next-day shipping to prime members.

"We're changing to enable more innovation, speed and productivity, and we're seeing it in our results. We're especially pleased with the combination of comparable sales growth from stores and e-Commerce in the U.S. Our team is demonstrating an ability to serve customers today while building new capabilities for the future, and I want to thank them for a strong start to the year," Walmart's Chief Executive Officer, Doug McMillon said in a statement.

"We're monitoring the tariff discussions and are hopeful that an agreement can be reached," "Our goal is to always be the low-price leader, and we will actively manage pricing and margins as warranted with our customers and shareholders in mind. Our merchant teams have been focused on this for months and continue to execute appropriate mitigation strategies," Chief Financial Officer of Walmart, Brett Biggs also said in a statement.

Also Read: President and CEO Walmart Judith McKenna visits Flipkart


TRENDING

OPINION / BLOG / INTERVIEW

Rethinking Rural Livelihoods in the Times of COVID-19

The reverse migration caused by COVID 19 pandemic has put an additional burden of about one crore people on Indian villages particularly in the states of Uttar Pradesh, Bihar, Bengal and Odisha. Besides increasing the risk of spreading the ...

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Videos

Latest News

Odisha Guv, Raj Bhavan staff sing state anthem to express solidarity with COVID-19 warriors

Odisha Governor Ganeshi Lal, along with officers and staff of Raj Bhavan on Saturday sang the Bande Utkala Janani, the state anthem as a gesture of appreciation of the work of COVID-19 warriors and to respect their sacrifice. The state gove...

Shopping malls gear up for reopening in Kerala

After the Union Ministry of Home Affairs allowed hotels, malls across the country to open from June 8, except those falling in containment zones, the management at malls in Kerala has been gearing up to ensure all safety precautions are met...

Brazil has record new coronavirus cases, surpasses France in deaths

Brazil reported a record 33,274 new cases of the novel coronavirus on Saturday, its health ministry said, and the death toll surpassed that of France and now ranks only below the United States, Britain and Italy.The South American nation ha...

Global coronavirus cases surpass 6 million

Global coronavirus cases surpassed 6 million on Saturday, according to a Reuters tally, as Latin America reported a grim milestone of 50,000 deaths from the disease. Countries such as Brazil, Chile and Mexico are struggling to stem the spre...

Give Feedback