Deals
Wal-Mart Expects Online Sales to Surge 40%
- The retailer also announces $20 billion in stock buybacks
- Outlook sends stock on biggest rally in more than a year
Wal-Mart Expects a 40% Surge in Online Sales
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Wal-Mart Stores Inc. expects U.S. e-commerce sales to surge 40 percent in the next fiscal year as its online investments allow the retail giant to play catch-up with Amazon.com Inc.
The company also plans to add 1,000 online-grocery locations -- roughly double the current number of sites, which help fill orders from customers buying their food on Walmart.com. Total sales, meanwhile, are expected to grow at or above 3 percent, the retailer said as part of a forecast issued ahead of its shareholder meeting on Tuesday.