USA: E-commerce the star at Wal-Mart investor meeting
Wal-Mart (NYSE:WMT) management is talking quite a bit about e-commerce during its Investment Community presentation.While that’s not a surprise, there’s still an underlying tone that the company’s strategy is to ride out the extra costs of tech and e-commerce investments in order to adapt and evolve.
“We’re moving with speed to position the company to win the future of retail,” noted CEO Doug McMillon. He also said point blank that the world’s largest retailer is going to look more like an e-commerce company over time. That’s a stipulation that may have been inconceivable three or four years ago.
Keeping with the e-commerce theme, guidance on store openings for the next two years was on the light side.
Naturally, the $3B acquisition of Jet.com was a talking pointThe retailer also disclosed in a SEC filing yesterday that it has increased its position in JD.com to 10.8% of the shares that don’t have voting power.
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Shares of Wal-Mart are down 2.69% in early trading after the company’s guidance came in below expectations.
The all-in bet by Wal-Mart on e-commerce has implications for other online sellers such as Target (NYSE:TGT), Staples (NASDAQ:SPLS), Best Buy (NYSE:BBY) and (of course) Amazon (NASDAQ:AMZN).
Source: Seeking Alpha
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