Flipkart’s Big Billion Days event lifts Walmart International’s Q3 sales

Walmart, in its quarterly earnings name for the September quarter, stated its worldwide income elevated 13% to $26.8 billion in constant-currency phrases, primarily pushed by double-digit progress in Flipkart and its Mexico enterprise Walmex. In the identical quarter final 12 months, Walmart International noticed its web gross sales shrink by virtually 25% to $22.3 billion.

Sometimes, the festive season sale is held within the fourth quarter however this 12 months’s Huge Billion Days was befell from September 23-30.

Walmart Worldwide’s president and CEO Judith McKenna stated within the earnings name that the agency was happy with Flipkart’s efficiency this quarter and was in a position to appeal to new internet buyers, with greater than a billion visits throughout the sale.

“The Huge Billion Days fell into Q3 this 12 months which was in This fall final 12 months. That created some variations in our outcomes between Q3 and This fall,” stated McKenna. “That’s an occasion which is designed to attempt to carry new clients on board for Flipkart. And it appears to have been profitable in doing that once more.”

The timing of Flipkart’s sale additionally helped cut back stock progress, the corporate stated in its investor presentation.

Uncover the tales of your curiosity

Based on a report by market analysis agency Redseer, Flipkart Group, together with trend etailer Myntra and worth commerce market Shopsy, maintained its management place within the first leg of the festive season sale with a market share of 62%.

ET beforehand reported that this 12 months’s festive season gross sales had been essential for etailers as they got here on the again of comparatively muted gross sales within the first half of the calendar 12 months. Flipkart spent about $1.1 billion between February and September, filings with Walmart confirmed.

Flipkart was additionally a major contributor to Walmart’s adverts enterprise throughout the quarter, which grew about 40% throughout the interval, the Bentonville-based agency stated in a press release. McKenna stated in June that India was Walmart’s largest market by way of promoting income.

ET
reported on October 28 that Flipkart Web, which runs the net market, noticed its advert income enhance 50% to Rs 2,083 crore in FY22.

Walmart additionally stated throughout the earnings name on Tuesday that PhonePe hit 10 billion transactions in a month for the primary time.

The US retail large acquired Flipkart for $16 billion in 2018. In July 2021, the Indian etailer raised $3.6 billion in new funding from Walmart, SoftBank, GIC and others at a valuation of $37.6 billion. This was preceded by a $1.2 billion inner spherical of funding by Walmart in 2020.