Walmart Plans To Expand Online Business Amid Falling Sales

Walmart reported revenue dropped 0.7 percent to $478.6 billion in fiscal year 2016, compared with the previous year, the first time sales declined since the retailer went public in 1970. Although the company has outperformed most of its brick-and-mortar rivals, its growth rate pales in comparison with those of leading online retailers, such as Amazon. Walmart spent over $11 billion to improve its online operations and remodel current stores, with company officials saying the retailer plans to take advantage of its vast network of stores in the long term.