India bet pays for Walmart Int’l, Flipkart helps US giant’s Q3 net sales

Walmart International on Thursday reported solid sales growth in the quarter, helped by its Indian investment Flipkart and businesses in China and Mexico.

Walmart International, the segment which consists of the retail giant’s operations outside the US, posted net sales of $29.2 billion, an increase of 1.3 per cent. Excluding currency, net sales were $30.2 billion, an increase of 4.8 per cent.

The Bentonville-based company acquired Flipkart for $16 billion last year in May and is now battling Amazon, another American giant, for the top rank in India’s online retail market.

“We like the momentum we see in parts of the business. We’re excited about what’s happening at Flipkart and PhonePe,” said Doug McMillon, president and CEO of Walmart, during the third quarter fiscal year 2020 earnings event.