Report: Walmart will lose $1B on e-commerce this year
Walmart is reportedly struggling in its efforts to keep pace with online rival Amazon.
According to Recode, although Walmart’s online sales grew 40% last year, its e-commerce division is projecting losses of $1 billion on revenue of $21 billion-$22 billion for 2019.
Sources indicate Walmart’s CEO Doug McMillon and board of directors are pressuring Marc Lore, president and CEO of Walmart e-commerce U.S., to reduce his division’s losses, the report said, which may result in Walmart selling off its online fashion brand ModCloth.
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According to Recode, although Walmart’s online sales grew 40% last year, its e-commerce division is projecting losses of $1 billion on revenue of $21 billion-$22 billion for 2019.
Sources indicate Walmart’s CEO Doug McMillon and board of directors are pressuring Marc Lore, president and CEO of Walmart e-commerce U.S., to reduce his division’s losses, the report said, which may result in Walmart selling off its online fashion brand ModCloth.
To read the full article, click here.