Boost in e-commerce pushes Walmart earnings

Washington: US retail giant Walmart reported better-than-expected third-quarter adjusted earnings and revenue,saying continued growth in its e-commerce platform helped boost both results. Revenue from Walmart’s online sales in the quarter that ended October 31 grew by 50 per cent over the same quarter a year ago, the company said. “We have momentum, and it’s encouraging to see customers responding to our store and e-commerce initiatives,” president and chief executive Doug McMillon said in the earnings statement. Walmart generated revenue of $123.2 billion in the quarter, up 4.2 per cent over last year and edging out analyst forecasts of $121 billion. Traders on Wall Street reacted positively to the earnings report,which indicated they are becoming confident in Walmart’s online business and its ability to compete against online behemoth Amazon. — dpa