Walmart sees slowing online sales growth after lackluster holiday quarter

Walmart Inc forecast slowing online growth for the year on Tuesday after reporting weak results for the holiday quarter that suggested it was leaking sales to Amazon.com.

Holiday sales for brick-and-mortar retailers were disappointing as 2019 saw a majority of shoppers switch to online buying, helping Amazon report “record” sales for the period.

Retailers such as Target Corp, Macy’s Inc and Kohl’s Corp, however, have reported dismal sales for the crucial period, which had six fewer days in 2019.

“Walmart’s shockingly bad results for its all-important holiday shopping quarter indicate that some of the company’s recent investments to bolster its e-commerce operations have failed to materialize,” said Jesse Cohen, senior analyst at financial markets platform Investing.com.