Walmart said it is on track to grow e-commerce sales by about 40 percent for the year as the company to expand its omnichannel operations in the second quarter. Walmart said it plans to ramp investment in grocery delivery as it battles Amazon.
The massive retailer reported fiscal second quarter same store sales of 4.5 percent and revenue of $128 billion, up 3.8 percent from a year ago. The company reported a net loss in the second quarter of 29 cents a share and a non-GAAP profit of $1.29.
Wall Street was expecting revenue of $125.99 billion and same store sales growth of 2.3 percent.
Walmart also upped its outlook for the fiscal year to non-GAAP earnings of $4.90 a share to $5.05 a share excluding its investment in Flipkart.
While Walmart is a barometer of the economy it also highlights some key IT trends. Here's a look at the key highlights:
Omni-channel. Walmart said it has expanded its online assortment with 1,100 new brands available. Grocery pickup is in 1,800 locations and Walmart estimates it'll be able to deliver groceries to 40 percent of the U.S. population by the end of the year.
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Digital transformation. McMillon also said that a recent partnership with Microsoft will accelerate digital transformation efforts. He added that Walmart's partnerships with Google, Rakuten and JD.com will help too.