Walmart shares up to 10% on online sales, lift

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Online sales at the retail giant Walmart up to 40% in the last three months, helping increase the overall sales of $128bn (£101bn).

Walmart shares jumped 10% in view of the opening of the New York stock exchange market.

President and ceo Doug McMillion has said: “we are taking advantage of stores and e-commerce to make shopping faster and more convenient.”

Walmart UK subsidiary Asda, which is union with Sainsbury’s, has reported a 0.4% growth in like-for-like sales.

That is slower than the 3.4% increase recorded in the first three months of the year were boosted by Easter sales.

Asda boss Roger Burnley said: “Our second-quarter results show that the momentum for the 2018 and this is the first quarter we outperformed the market from 2014 onwards.

“We remain focused on… innovation in our own brand, reduce prices and to continually improve our shopping experience both in store and online.”Amazon threat

Before today, the results of Walmart shares were among the worst performers in the Dow Jones Index, down 13% so far this year, as investors worried that clients are increasingly turning to online retailers, such as Amazon.

Wal-Mart Stores bought online retailer Jet.com for about $3 billion in 2016 in order to increase their online presence.

Today’s numbers are the greatest jump in sales which the group has had in ten years.

Despite the performance, Walmart has reported an $861m loss due to the pre-tax profit of $4.8 billion from the sale of an 80% stake in the Brazilian operations, which directed its attention towards the Asian markets.

Mr McMillon said: “we are continuing to aggressively roll-out of grocery pick-up and delivery in the US and we recently announced expanded… initiatives in China and Mexico.”