BENTONVILLE, Ark. (AP) — Walmart trimmed its profit outlook citing this year’s $16 billion acquisition of the Indian online retailer Flipkart, its biggest deal ever.
Since buying Jet.com for more than $3 billion two years ago, Walmart has been bulking up online, buying companies such as Bonobos and ModCloth. It’s also tried to speed up deliveries while expanding same-day grocery delivery.
The company says its online grocery pickup service is attracting new customers and shoppers are adding more items to their cart because of it.
Walmart Inc. now expects 2019 adjusted earnings of between $4.65 and $4.80 per share, down from $4.90 to $5.05.
Shares are down slightly before the opening bell.