Disappointing. That’s how Walmart Chief Executive Doug McMillon chose to describe the company’s travails with Flipkart, the Indian e-commerce behemoth it bought for $16 billion in May 2018. McMillon was speaking on a conference call to discuss Walmart’s performance for the quarter ended January 2019. One where its gross profit from international sales slid thanks to Flipkart, its largest acquisition.
Despite this, McMillon insisted that the company’s “confidence and excitement” around Flipkart’s long-term potential remained unshaken. If not shaken, though, Walmart’s resolve has surely been tested since. Its international gross profit slid in the quarter ended July 2019.