Walmart’s attempt to catch up with Amazon comes at a huge cost — and it’s stirring up hard feelings within the company.
While Walmart has been making investments — like buying Jet.com for $3.3 billion — to try to compete with Jeff Bezos’ behemoth, it’s been a drag on the big-box business’ profitability. So much so that Walmart is now projecting losses of over $1 billion for its U.S. e-commerce division, helmed by Marc Lore, this year, on sales of between $21 billion and $22 billion, according to a report by Vox, citing discussions with multiple sources familiar with those financials.. . . more