Walmart, a US based multinational retail corporation, has reported 6.7 per cent revenue growth to $559.2 billion in the complete FY21 that ended on January 31, 2020, compared to the revenue of $524.0 billion in previous fiscal. Net income attributable to Walmart for FY21 decreased 9.2 per cent to $13.5 billion (FY20: $14.8 billion).
“Change in retail accelerated in 2020. The capabilities we’ve built in previous years put us ahead, and we’re going to stay ahead. Our business is strong, and we’re making it even stronger with targeted investments to accelerate growth, including raises for 425,000 associates in frontline roles driving the customer experience,” Doug McMillon, president and CEO of Walmart, said in a press release.
Sales of Walmart US during the year were up 8.5 per cent to $370.0 billion ($341.0 billion). Walmart e-commerce sales grew 79 per cent during FY21.
Walmart international sales grew marginally 1.0 per cent to $121.4 billion ($120.1 billion) with strength in Mexico, Canada and Flipkart. Sam’s Club sales increased 5.1 per cent to $63.9 billion ($58.8 billion).
We have tremendous momentum having just completed a year with record sales and operating cash flow,” Brett Biggs, chief financial officer at Walmart, said. “We accomplished this while accelerating our long-term strategy of transforming Walmart into a dynamic omnichannel business. It’s now time to accelerate even more.”
Fibre2Fashion News Desk (JL)
Walmart, a US based multinational retail corporation, has reported 6.7 per cent revenue growth to $559.2 billion in the complete FY21 that ended on January 31, 2020, compared to the revenue of $524.0 billion in previous fiscal. Net income attributable to Walmart for FY21 decreased 9.2 per cent to $13.5 billion (FY20: $14.8 billion).