Walmart’s international net sales were up 13.3 per cent YoY at $26.8 billion in constant currency led by Flipkart, said the company in this Q3 FY23 results. The Walmart management added that the early timing of Flipkart’s Big Billion Sale from Q4 last year to Q3 this year benefited the company.
Doug McMillan, president and CEO, Walmart said that Flipkart’s performance has been strong with one billion visits by consumers during the eight day Big Billion Sale. “What is important is that 60 per cent of these consumers came from tier-2 and 3 cities,” he added.
He added that the Phonepe’s performance was strong, with 10 billion transactions done in a quarter for the first time.
The company stated that its advertisement business saw good traction from Flipkart ads. Global ad business grew over 30 per cent, led by 40 per cent at Walmart Connect in the US and strength in Flipkart Ads.
Globally Walmart’s revenue touched $152.8 billion, up 9.8 per cent in constant currency. The company also raised its Q4 outlook. The company also said that customers are focusing on value buys.
“From The Big Billion Days in India, through our Deals for Days events in the US and a Thanksgiving meal that will cost the same as last year, we’re here to help make this an affordable and special time for families around the world,” added McMillan.