The retailer bought Amazon competitor Jet.com for $3 billion in August 2016 (Jet.com’s founder, Marc Lore, is now the CEO of Wal-Mart’s e-commerce division), but on a conference call with investors, execs claimed that the majority of the online growth came through Walmart.com.
The hike could be partially attributed to Wal-Mart’s recently instituted offer of free shipping for orders over $35.
In a hypercompetitive retail landscape, Wal-Mart also posted strong comparable sales—1.4 percent (its Wall Street estimate was 1.3 percent). That makes 11 consecutive quarters of growth for the chain.
Its first-quarter revenue is up by 1.4 percent, to $117.54 billion, only slightly below the $117.74 billion analysts forecast.
“E-commerce is working [for Wal-Mart],” Barclay’s food and staples retail analyst Karen Short told CNBC this morning. “And it’s not coming at the expense of brick-and-mortar, because you need both to survive.”