Retail

Walmart's Sales Target Indicates A Big Boost Of Confidence

Walmart expects to see its sales improve by $45 billion to $60 billion over the next three years, said Walmart CEO Doug McMillion.

Walmart is optimistic about seeing a big leap in sales over the next three years despite intensifying competition.

The company expects to see its sales improve by $45 billion to $60 billion over the next three years, said Walmart CEO Doug McMillon at the Consumer Goods Forum conference in Cape Town, South Africa, Reuters reported. The improvement would top off its $482.13 billion revenue, which it reported in last fiscal year.

"So sometimes people say Walmart is not really a growth company any more,” said McMillon. “I want to say: 'Well, if we layer on $50 [billion] to $60 billion, would that count, in three years?"

To amp up its sales, the retail giant is investing billions of dollars for technological superiority over its competitors. In 2015, the company spent $10.5 billion on information technology development, topping the list of IDC’s biggest technology spenders.

The Arkansas-based company is also looking into reimagining end-to-end delivery to its customers. Last week, it was revealed that Walmart is working on developing robotic carts for in-store shopping, which would save the customers the trouble of standing in kiosk lines.

For delivery, the company has partnered with ride-hailing companies like Uber and Lyft for delivery in certain cities. Meanwhile, Walmart is also seeking permission from the Federal Aviation Administration (FAA) for its drone delivery program.

Last month, Walmart announced that it was six to nine months away from using drones for faster performance in its warehouses. With improvement in efficiency, the usage of drones in its warehouses is also likely to save human resource costs.

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