"International is one of the better stories going on at Walmart, and it's not fully appreciated," CFO John David Raineyfollowing its second quarter results. "International is going to contribute more to the top line and more to the improvement in the bottom line over the next five years than the rest of the business."
The company is focusing on key markets like China, India, and Mexico. Similar to the US, value is at the core of its business. The loan program will "get PhonePe offerings to about 200 million-300 million new customers that are not using PhonePe," McLay said.UPI is the most popular way Indians transact online — it processes more than 8 billion transactions a month. In China, Walmart is using the world's second-largest economy to experiment with new e-commerce practices. Despite macro headwinds, its same-store sales grew 13.8% in Q2, and revenue grew 17.7% year over year to $4.6 billion.
"There's this great reinforcing, kind-of compounding effect of being able to learn from one market to the other and then evolve it for the customer and context of that market," McLay said.