Walmart said it's on track to increase U.S. e-commerce sales by 40 percent in fiscal year 2019, according to Reuters.
Here are four things to know from Walmart's financial results for the three months ended April 30.
1. The world's biggest retailer grew e-commerce sales by 33 percent in the first quarter of fiscal year 2019, compared to a 23 percent growth in e-commerce sales in the three months prior.
2. The turnaround comes after Walmart's e-commerce sales didn't meet expectations during the holiday shopping quarter. Its shares fell more than 10 percent during the previous quarter and erased $31 billion from Walmart's market capitalization, Reuters reports. Investors have been concerned Walmart's largest e-commerce rival, Amazon, would outpace the retail giant.
3. Walmart also saw gains in its international business, where Amazon is likewise a looming threat. Sales jumped 4.5 percent to $28.3 billion on a constant currency basis in the first quarter of 2019, and were boosted by an earlier Easter holiday, according to the report. In addition, the CEO of Indian retailer Flipkart accepted a $16 billion investment from Walmart to help Flipkart establish an advantage over competitors in India's burgeoning e-commerce market.
4. Total revenue for Walmart increased 4.4 percent to $122.7 billion in the first quarter of fiscal year 2019.
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