Flipkart sales have crossed pre-Covid-19 levels, says Walmart CEO

Walmart, the world’s largest retailer, on Tuesday said the gross merchandise value (GMV) of the products sold on Flipkart, its majority-owned subsidiary in India, had surpassed that of the pre-Covid levels.

Doug McMillon, president and chief executive officer of the Bentonville-headquartered company, said this during a conference call to discuss the company’s second-quarter earnings (April-June).

Walmart held government orders in India prohibiting Flipkart’s business for a while in the second quarter responsible for lack of growth in its international operations. Similar actions in Africa and Central America also affected net sales.

In the second quarter, Walmart International’s net sales were $27.2 billion. Changes in currency rates affected them by approximately $2.4 billion. Excluding the currency factor, net sales were $29.6 billion, an increase of 1.6 per cent.