On February 21, Wal Mart China announced that the net sales of Wal Mart China in the fourth fiscal quarter of fiscal year 2024 (13 weeks as of January 26, 2024) was $4 billion, up 11.3% year on year, comparable sales increased by 6.6%, and e-commerce business net sales increased by 11%.
The financial report shows that the late Spring Festival this year has had an impact on sales growth rate compared to last year. During the fourth fiscal quarter, Wal Mart China's gross profit margin was relatively stable, and e-commerce distribution costs were further reduced. Driven by sales growth, higher Sam's penetration rate, and efficient operations, the overall operating rate decreased and revenue increased in the fourth quarter. In addition, Sam's business and e-commerce business continued to perform strongly in the fourth fiscal quarter, and Wal Mart's e-commerce penetration rate in China was 48%.