Flipkart will negatively impact profits in FY20 as well, says Walmart

The Arkansas-based firm, which competes with US rival Amazon, posted $514 billion in revenue for FY19 compared to $500 billion in the previous financial year, growth of 2.8 per cent

The world’s largest retailer Walmart has said the acquisition of e-commerce firm Flipkart for $16 billion negatively affected its net income in FY19 and it will continue in FY20 as well.
 
“We began consolidating Flipkart’s results in the third quarter of fiscal 2019, using a one-month lag. The ongoing operations negatively affected fiscal 2019 net income and this will continue in fiscal 2020,” Walmart said in its annual financial report.
 
The Arkansas-based firm, which competes with US rival Amazon, posted $514 billion in revenue for FY19 compared to $500 billion in the previous financial year, growth of 2.8