Online sales at Walmart have surged 40 percent in the last three months, causing shares to soar ten percent ahead of the opening of the New York stock market.
The retailer reported a growth in online sales, boosting overall sales for the company to $128 billion (£101 billion).
“We’re leveraging stores and e-commerce to make shopping faster and more convenient,” said Doug McMillion, the president and chief executive.
The figures posted by Walmart are the biggest jump in sales over the past ten years.
The group however have still reported a $861 million loss due to the pre-tax costs of $4.8 billion after the sale of the 80 percent stake in the group’s Brazilian operations.
Walmart will be focusing now on Asian markets.
“We’re continuing to aggressively roll out grocery pickup and delivery in the US and we recently announced expanded… initiatives in China and Mexico,” said McMillon.
In comparison, Walmart’s subsidiary Asda reported a growth in like-for-like sales by 0.4 percent.
“Our second quarter performance shows continued momentum for 2018 and this is the first quarter we have outperformed the market since 2014,” said Asda boss Roger Burnley.
“We remain focused on… innovation in our own brand, lowering prices and in continuously improving our shopping experience both in store and online.”
Asda and Sainsbury’s (LON: SBRY) will be merging in a move that will overtake Tesco PLC (LON:TSCO) as Britain’s biggest supermarket group if it is approved by competition authorities.
Shares in Walmart (NYSE: WMT) are currently trading at 98.89 (1524 GMT).
