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 percent to US$ 137.7 billion while its international sales were down 6.8 percent to US$ 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 93.3 percent to US$ 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 percent to US$ 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 US$ 16 billion for acquiring 77 percent stake in the group.
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