Walmart Canada’s global advertising business grew 28% in Q3, driven by 50% growth in international, 26% growth in Walmart Connect. Q3 net sales grew 3%, to $5.8 billion, growing slightly less than the quarter prior, but showed growth across all channels, this as the company increased ad sales globally.
“We’re building a highly unique retail media platform,” says John David Rainey Walmart’s executive VP and CFO. Rainey noted that the company is encouraged by customer receptivity to growth in digital ads, especially ones that show items that are trending in popularity and for price comparison.
Globally, total revenues reached $170.8 billion, up +6.2% and gross profit spiked 24%, largely thanks to strength in the United States. Walmart Canada is reporting accelerated eCommerce growth, led by store-fulfilled pickup and delivery, as well as continued strength in food and consumables with softness in general merchandise. Walmart Canada also says it boosted private brand penetration in food.
Walmart Marketplace, the company’s third-party seller, grew 42% in the United States in Q3. The number of sellers is “growing double digits” and SKU count is approaching 700 million products. In Canada, Mexico and Chile Marketplaces combined, increased items by 20% versus last year. Beauty, toys, growing strongly.
Global eCommerce net sales grew by 27%.
In this morning’s earnings call, CEO Doug McMillon says that the company is seeing “early tangible results from the deployment of generative AI,” according to McMillon.
He says data sets are extremely valuable, and he reports that the personal shopping assistant Walmart is building, currently in beta, is improving.
“We’re racing to improve all the things people love about shopping,” he said, adding that ecommerce is “crucial” for driving general merchandise.
This story originally appeared on strategyonline.