Propelled by Flipkart’s stellar performance during its annual Big Billion Days (BBD) sale in 2023, Walmart recorded a remarkable surge in international sales during Q4, FY24.
The US retail giant witnessed a substantial 17.6 per cent Y-o-Y growth in international sales to $32.4 billion with a 13 per cent increase in constant currency terms, reaching $31.2 billion. Notably, Walmart's subsidiaries in Mexico (Walmex) and China also contributed significantly to this growth, leveraging festive occasions.
Doug McMillon, CEO hailed the 2023 Big Billion Days as the best ever. The strategic shift of Flipkart's BBD from Q3 to Q4 notably bolstered international growth for the quarter, he said, Attracting a record 1.4 billion customer visits, the event underscored Flipkart's robust performance in the Indian market.
John David Rainey, Chief Financial Officer, emphasised India, Mexico, and China as pivotal drivers for the company's international business growth in the coming years. Walmart's acquisition of a 77 per cent controlling stake in Flipkart in 2018, followed by subsequent stake increases, now stands at 80.5 per cent. The Bengaluru-based e-commerce giant competes fiercely with Amazon and Reliance in the Indian market.
In a bid to further expand its presence in India, Walmart recently hosted its inaugural growth summit in the country, the first of its kind outside the US, Chile, and Mexico. This event underscores Walmart's commitment to tapping into new suppliers and achieving its ambitious goal of sourcing $10 billion worth of goods from India annually by 2027.
