on Thursday reported fourth-quarter earnings that fell short of Wall Street's expectations as the retailer aims to turn the strength of its e-commerce business during the pandemic into lasting momentum and higher profits by boosting investment.
Part of Walmart's recent strength has come from investments it made long before the health crisis to boost its online business so it could provide services like curbside pickup and speedy delivery. He said it will step up investments to adjust to the significant ways the pandemic has transformed the retail business. For example, he said Walmart will spend on automation to speed up the number of curbside pickup orders it can fill.All told, Walmart is targeting about $14 billion in capital expenditures this fiscal year, up from a rate of $10 billion to $11 billion, as it invests in supply chain, automation and improvements to the customer experience, the company's CFO Brett Biggs said.
For the three months ended Jan. 31, Walmart posted a loss of $2.09 billion, or 74 cents per share, compared with earnings of $4.14 billion, or $1.45 share, a year earlier. Sam's Club reported same-store sales grew by 8.5% excluding fuel and tobacco, while its e-commerce sales jumped by 42%.