Flipkart had its best Big Billion Days (BBD) in 2023, driving Walmart’s foreign sales growth in the fourth quarter of FY24.
During the quarter, the US-based retailer’s overseas sales rose 17.6 per cent year on year (YoY) to USD 32.4 billion.
In constant currency terms, revenues for the category increased by 13 per cent YoY to USD 31.2 billion. Other parts of the company, such as Walmex in Mexico and China, drove foreign sales as a result of festive events.
“We had the best Big Billion Days ever,” CEO Doug McMillon said during the company’s earnings call on Tuesday.
In its results release, Walmart stated that the timing of Flipkart’s BBD, which was moved from Q3 last year to Q4 this year, had a favourable impact on (international) growth for the quarter. Flipkart’s major annual festive sales event, BBD, took place in October 2023, attracting a record 1.4 billion consumer visits.
“In India, Flipkart’s growth continues to compound in double digits, while PhonePe is now processing more than six billion monthly transactions,” chief financial officer John David Rainey said, adding that about three-fourth of its international business growth over the next several years will be driven by India, Mexico and China.
Walmart acquired a 77 per cent stake in Flipkart for USD 16 billion in 2018, subsequently raising it to 80.5 per cent. Flipkart competes with Amazon and Reliance in India.
Walmart hosted its inaugural growth summit in India, aiming to connect with new suppliers to achieve its goal of sourcing USD 10 billion worth of goods annually from India by 2027.
