Walmart Ends Jet.com Amid Strength of Namesake Brand
May 19 2020 - 7:54AM
Dow Jones News
By Colin Kellaher
Walmart Inc. on Tuesday said it will discontinue Jet.com, the
e-commerce startup it bought in a $3.3 billion deal in 2016 to help
jump-start growth at the retail giant's online operations.
The Bentonville, Ark., company attributed the move to the
continued strength of its Walmart.com brand.
In its fiscal first-quarter earnings report Tuesday, Walmart
said its Walmart U.S. e-commerce sales surged 74%, boosted by a
surge in online shopping sparked by the coronavirus pandemic.
Walmart said the acquisition of Jet.com, which at the time
marked the largest ever purchase of a U.S. e-commerce startup, was
critical to accelerating its omni retail strategy.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 19, 2020 07:39 ET (11:39 GMT)
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