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Big Billion Days lifts Walmart sales

Updated: Nov 25, 2022

In its September quarterly earnings, Walmart reported 13% growth in international revenue to $26.8 billion in constant-currency terms, primarily due to double-digit growth in Flipkart and its Mexico business Walmex.

What is happening: Walmart attributed the growth in its net sales to Flipkart’s flagship festive season sale in India, the Big Billion Days.

  • In the most recent quarter, gross revenue increased 8.7 percent year on year to $152.8 billion.

  • According to the company, Walmart's consolidated gross profit rate fell 89 basis points due primarily to markdowns and sales mix in the United States, an inflation-related LIFO charge at Sam's Club, at the timing of Flipkart's annual sale event.

  • For this years last quarter, Walmart's adjusted earnings per share were $1.50, a 3.4% increase over the same period last year.

  • Amidst the precarious financial situation at Walmart, Flipkart and its advertising agency along with their digital payments firm-PhonePe have brought in huge upshift in the charts.

What is being said: “Walmart international delivered strong sales results with sales up 13.3% in constant currency despite continued macro headwinds. Ecommerce sales on a constant currency basis were exceptionally strong, up 46% in the quarter. The earlier timing of Flipkart’s Big Billion Days event was also of benefit to sales results,” Walmart's CFO said.

By the numbers: Walmart International's net sales increased by $1.7 billion, or 7.1%, to $25.3 billion in the fiscal quarter ended October 31, 2022.

  • According to the company, currency fluctuations impacted the results by $1.5 billion.

  • Meanwhile, Flipkart had a fantastic quarter in India, with a strong customer response to the Big Billion Days sales, which were moved from Q4 to Q3 this year.

The event: During the eight-day event, the site received over 1 billion visitors, with more than 60% coming from tier 2 and tier 3 cities.

  • According to the company, it is still seeing strong growth in Flipkart ads in India, which has contributed to its global advertising business, which grew by more than 30% during the quarter.

  • Meanwhile, the quarterly transactions on PhonePe, Flipkart's digital payments firm, surpassed 10 billion for the first time.

Basically: Walmart International's net sales increased by $1.7 billion, or 7.1%, to $25.3 billion in the fiscal quarter ended October 31, 2022. The company lost $1.5 billion in revenue due to currency fluctuations. And yet Flipkarts's Big Billion Days contributed in shifting Walmart's status from Q3 to Q4


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