Walmart’s e-commerce business grows 27% in Q1

In the first quarter of its 2024 fiscal year, Walmart's revenue was $152.3 billion, up 7.6%.
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  • Walmart’s e-commerce business grew 27% In the first quarter of its fiscal year.
  • Internationally, e-commerce grew by 25%, and e-commerce growth at Sam’s Club grew 19% in the quarter.
  • Overall, Walmart’s revenue was $152.3 billion, up 7.6% from the first quarter of last year.=

Walmart’s e-commerce business in the U.S. grew 27% in the first quarter of its 2024 fiscal year compared to the same quarter last year, according to its May 18 earnings report

The increase in e-commerce sales was led by Walmart’s efforts in order pickup and delivery, including its advertising related to its e-commerce offerings, according to the retailer. Walmart’s international e-commerce business grew by 25% year-over-year (YoY), growth the retailer attributed to advertising and in-store order fulfillment. Its e-commerce at Sam’s Club increased by 19% in the quarter, driven by its curbside pickup offering.

Overall, in the first quarter, which includes the months of February, March and April, Walmart’s total revenue in the quarter was $152.3 billion, an increase of 7.6% compared to the same quarter in its 2023 fiscal year.

“We had a strong quarter,” said Doug McMillon, Wamart’s president and CEO, in a release. “Comp sales were strong globally with e-commerce up 26%. We leveraged expenses, expanded operating margin and grew profit ahead of sales.”

Walmart Connect, the retailer’s in-house retail media network first launched in 2021, grew approximately 40% in the first quarter compared to the same period last year. Walmart also said it gained market share in the grocery category, including higher-income shoppers. 

The retailer also updated its outlook for the entire fiscal year, and it now projects to see its overall sales increase by 3.5% compared to last year. John David Rainey, Walmart’s chief financial officer, told CNBC thatcontinued economic hardships are impacting consumers’ purchasing habits. 

Rainey said shoppers were making fewer discretionary purchases, looking for promotions on higher-priced items and choosing lower-priced items.

As Retail Leader Pro Chief Analyst Elizabeth Lafontaine recently noted, behaviors picked up by consumers during this inflationary period are likely to persist, even as inflation cools from its peak last summer.