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Flipkart gross merchandise value exceeds pre-COVID-19 level: Walmart

According to the company, its net sales and operating results were 'significantly affected' by a continuation of the global health crisis.

Published: 19th August 2020 01:04 PM  |   Last Updated: 19th August 2020 01:04 PM   |  A+A-

Flipkart

Flipkart (File Photo | PTI)

By PTI

NEW DELHI: The gross merchandise value (GMV) of Flipkart has exceeded the pre-COVID-19 levels, global retail major Walmart Inc, which owns a majority share of India's leading e-commerce platform, said.

Walmart's overall revenue was up 5.6 per cent to USD 137.7 billion while its international sales were down 6.8 per cent to USD 27.2 billion in the second quarter, Walmart said in earning statement.

According to the company, its net sales and operating results were 'significantly affected' by a continuation of the global health crisis.

However, increased demand for products across multiple categories led to strong top-line and gross margin results, it added.

After the lockdown was imposed in India from March 25 by the government to curb the pandemic, e-commerce majors have to struggle as their supply chains were disrupted and were able to recover after almost two months.

"Since re-opening, GMV at Flipkart has exceeded pre-COVID-19 level," said Walmart.

The GMV is total value of merchandise sold over a period of time.

Walmart's sales in the US market were up 933 per cent to USD 93.3 billion in the May-July quarter.

Net sales of Walmart International, which is present in nine markets including China, Japan, Mexico, the UK apart from India, declined 6.8 per cent to USD 27.2 billion.

Net sales included the effects of the government-mandated closure of the company's Flipkart business in India for a portion of the quarter, as well as similar actions in markets in Africa and Central America," it added.

In 2018, Walmart Inc invested USD 16 billion for acquiring 77 per cent stake in the group.



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