A man walks outside a Walmart in China.
Tomohiro Ohsumi | Bloomberg | Getty Images
Walmart’s online shopping strategy pays off in China, probably one of the most developed e-commerce markets in the world.
The giant discount trade reported on Tuesday that net sales of e-commerce in China grew 104% from a year ago in the three months ended July 31st.
That is a faster pace than the 97% growth forecast for net sales of e-commerce in the US. The fiscal results for the second quarter provided a useful analytical estimate of both revenue and earnings per share.
The US is still by far Walmart’s largest market, with net sales of $ 93.3 billion in the second quarter against $ 27.2 billion for the rest of the world. Walmart did not break the net sales for China, but noted that administrative revenue for the region increased.
The company also said its higher-end membership Sam’s Club stores saw double-digit growth in China.
Walmart has invested heavily in China, from opening new Sam’s Club stores to partnering with local supplier platform Dada. Earlier this month, Dada announced that all of Walmart’s more than 400 stores in China are connected to the online platform, which claims to offer delivery within an hour.
The US-based retail giant also had strong results from online shopping in other international markets. E-commerce grew by more than 200% in Canada, and Mexico and Central America, according to the earnings release.
Walmart topped the Fortune Global 500 list of the world’s largest companies released last week. The number of Chinese companies on the list exceeded that for US companies for the first time.
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