Walmart, which reported revenue of $152.3 billion (+7.6 percent) in the first quarter of 2023, has revealed its achievements following investment in digital transformation initiatives.
Walmart has achieved growth of 17.3 percent in operating income to $0.9 billion during the first quarter. But Walmart’s operating expenses as a percentage of net sales fell 58 basis points during the first quarter.
Walmart’s e-commerce sales grew 27 percent, led by pickup and delivery.
“We are expanding our range of high-profile and sought-after brands that our customers are actively searching for but are not typically available at Walmart. This move aims to enhance our reputation as a premier digital shopping destination,” Doug McMillon, Chief Executive Officer of Walmart, said in its earnings report.
Walmart’s digital transformation goals are spearheaded by Suresh Kumar, the executive vice president and global chief technology officer (CTO) and chief development officer (CDO) of Walmart.