Walmart Profit Drops 21 Percent; to Expand Small Stores
Walmart Thursday announced a quarterly profit of $4.4 billion, down 21 percent from the same time the year before. According to analysts, this result missed expectations.
"Our company grew net sales this year to reach more than $473 billion. Global eCommerce sales, including acquisitions, surpassed the $10 billion mark, a 30 percent increase over last year," Doug McMillon, Wal-Mart Stores, Inc. president and chief executive officer, said as part of the announcement. "We will continue to grow our global business by focusing on customers and serving them how they want to be served."
The retail giant also announced plans to significantly expand its small-format Neighborhood Market and Walmart Express concept, doubling the amount of stores to nearly 300 by the end of the fiscal year.