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E-commerce major Flipkart recorded double-digit growth during first quarter of FY24, its US-based parent Walmart said in the latest earnings presentation.
Along with Flipkart, Walmart recorded similar double-digit growth in its China and Mexico (Walmex) entities resulting in strong growth for the retailer’s international net sales in this quarter. In Q1 , Walmart Inc. reported $26.8 billion in international net sales compared to $23.8 billion in Q1 FY23. “We had a strong quarter. Comp sales were strong globally with e-commerce up 26 per cent. We leveraged expenses, expanded operating margin, and grew profit ahead of sales,” Doug McMillon President and CEO, Walmart, said in a statement on Thursday.
Strong growth
Internationally, Flipkart saw 25 per cent growth in e-commerce sales with strength in store-fulfilled and advertising. Walmart’s gross margin has expanded 12 bps over last year and its operating expense leverage of 111 bps on strong growth in net sales and operating discipline. Further, it reported operating income constant currency growth of 41.5 per cent with strength across markets
Overall, Walmart reported consolidated revenue of $152.3 billion, which is up 7.6 per cent growth over Q1 FY23. Further, Walmart-owned fintech major PhonePe reaches more than $1 trillion in annualized TPV (total payment value).
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