Walmart just saw $30 billion in market cap destroyed by Amazon fears
Walmart just saw $30 billion in market cap destroyed by Amazon fears
Richard Drew — The Associated Press file
21 February, 2018, 10:50
This is also compounded by fears from the investor side that Walmart would not be able to keep up with Amazon (NASDAQ:AMZN)'s online retail business.
Its shares fell 9.4 percent as investors anxious that Walmart would not be able to keep pace with Amazon.com Inc, the world's biggest online retailer, as it struggles with managing its online business. Still, Walmart finished the year with more than 40 per cent growth in online sales in the USA, and it expects that online sales will be revived this year to hit that same pace. Yet Walmart finished the year with more than 40 percent growth in U.S. online sales and expects that online sales will be revived this year to hit that same pace. Amazon has leveraged its $99-a-year Prime membership program into intense loyalty from customers, and it recently stepped into Walmart's turf, no longer content with only online sales.
Walmart had to stock more items in its warehouses like toys, TVs, and other electronics, which are in high demand during the holiday period, he explained.
Walmart is digitizing its returns process.
For the full year, Walmart Inc. total revenues hit $500 billion, up 3.0%.
Walmart also said it is investing more in its website on a national basis and reducing marketing in Jet.com. The company also continued its three-year stretch of same-store sales growth in the US, with a 2.6% gain that exceeded estimates of 2%.
E-commerce sales grew 23%, a slowdown from 50% growth in Q3.
Fourth quarter sales and comps outperformed expectations while profit lagged. Analysts surveyed by Zacks were calling for $1.36 per share.
Walmart Inc. earned $2.17 billion, or 73 cents per share, in the three-month period ended january 31, versus $3.76 billion, or $1.22 per share, a year earlier.
The thinner margin resulted in a 42% drop in income for the fourth quarter, which included the holiday shopping period.
In January, the retailer said it would raise the minimum wage for hourly employees to $11 an hour and offered a one-time bonus to store employees as it benefited from the new US tax law.
6 percent gain in comparable sales in United States stores, which accounts for more than half of revenues. The retailer has recorded more than three straight years of USA growth, unmatched by any other retailer.
The company estimated its tax rate would be between 24 percent to 26 percent in the current fiscal year after the new tax law reduced the corporate tax rate to as low as 21 percent. "Creativity, decisiveness and speed are priorities", said McMillon.
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