Walmart lowers earnings expectations citing Flipkart acquisition
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Walmart expects earnings to take a hit from its FlipKart acquisition in the coming year, and predicts online sales will slow from its current pace in the next fiscal year, the company said on Tuesday.
The details: Walmart is upping the ante to keep up with Amazon, but its e-commerce business is projected to grow 35% in fiscal year 2020, compared to the 40% it's on pace to grow in the current year, per Reuters. The company also said it plans to open 3,100 grocery pickup locations and over 1,500 grocery delivery stations in the next few years.