Walmart is discontinuing e-commerce subsidiary Jet.com

Shawn Knight

Posts: 12,193   +120
Staff member

Walmart, if you recall, purchased the online-only shopping site as part of a $3.3 billion cash and stock deal back in 2016. Oddly enough, the e-commerce acquisition never felt like much of a priority for the big box retailer although the company did say it was critical in helping to accelerate its omni strategy.

Late last year, Walmart shut down Jet’s fresh food delivery division, resulting in the loss of up to 300 jobs, in what was correctly seen by some as a sign of things to come.

Indeed, Walmart’s e-commerce division was a strong performer over the past quarter as many turned to online shopping in the wake of Covid-19 stay-at-home orders. The Bentonville, Arkansas-based company said e-commerce sales increased 74 percent during the first quarter.

Total revenue, meanwhile, checked in at $134.6 billion, up 8.6 percent compared to the same period a year ago. That’s impressive considering many stores reduced operating hours to boost sanitation efforts and restock shelves. Walmart credited strong sales of food, consumables, health & wellness items and some general merchandise categories for its solid performance.

Masthead credit: NYCStock

Permalink to story.

 

mrvco

Posts: 62   +55
I thought they bought Jet.com to round out their e-commerce capabilities, not for the actual Jet.com brand.
 

p51d007

Posts: 2,366   +1,626
It's how they roll. Heck, in their hometown of Bentonville Arkansas they pretty much make vendors have a "presence" in Bentonville. Good for the local economy. Every time I drive through there, they are always expanding I-49. the old Hwy71 just wasn't up to it. Wally world always gets what they want. Started out with Sam, who was a good guy, but they took off when he passed and the corporate money types & their kids took over.