Flipkart holiday sales fuel Walmart growth in Q3

Arkansas, based in the US walmart reported total revenue of $152.8 billion, up 8.7% from the corresponding quarter in the same period a year earlier. Walmart’s e-commerce net sales grew to 23% of total net sales during the quarter, primarily due to flipkartThe Flagship Festive Sale Event Of, Great billion daysheld during the last week of September.

Flipkart sold $5.5 billion worth of goods during the eight-day sale period from September 22 to 30.

Walmart net sales grew 8.5% year-over-year to $104.8 billion, supported by a strong rebound in the share of grocery purchases, including from high-income households due to inflation, as well as seasonal sale events and sale of school essentials.

“We are beginning to see the benefits of the portfolio diversification work done over the last few years that has helped us focus on what matters in the international portfolio,” Judith McKenna, president and CEO of Walmart International, said during the call Profits.

He further added: “The Big Billion Days event fell in Q3, creating some difference between Q3 and Q4. It is designed to attract new customers to Flipkart. One billion views during the eight-day event show how much value it generates. Flipkart continues to meet our expectations.”

Flipkart’s advertising business also added significantly to Walmart’s global advertising growth, which grew 30% year-over-year, led by Walmart Connect in the US, said a statement issued by the company.

PhonePe posted a total payment value of $920 billion on an annualized basis, across nearly 3.6 billion transactions per month,” John David Rainey, Walmart executive vice president and chief financial officer, said during the earnings call, commenting on the arm. of Flipakrt payments.

Overall, Walmart International grew 7.1% year-over-year to $25.3 billion for the quarter ended October 31, 2022. Walmart raised its full-year fiscal 2023 outlook to reflect third-quarter results, expecting sales growth consolidated net sales of 5.5% and headwind of about $4.1 billion for the year. For the fourth quarter, the company expects consolidated net sales growth of almost 3%. Walmart shares rose nearly 6.3% during the open.