Walmart Is Shifting From Defense to Offense
Five years ago, Walmart (NYSE: WMT) made a big move into e-commerce.
The retail giant said it would acquire Jet.com for $3.3 billion. The move was generally panned by critics, who dismissed as an "acqui-hire" to gain the services of Marc Lore. Lore would run Walmart's e-commerce division until last month, but the acquisition also helped jumpstart rapid growth in an area where the company had fallen behind.
Walmart's U.S. e-commerce sales jumped 79% in fiscal 2021 -- the year that just ended -- following 37% growth in fiscal 2020, and brought in more than $50 billion in revenue last year, not including Sam's Club. Walmart is now the biggest e-commerce seller in the country behind Amazon, and is growing faster than its chief rival.
Source Fool.com
