WalMart (WMT) - Get Report said it expects its e-commerce division to lose more than $1 billion in 2019, Vox's Recode and several news outlets report. This comes three years after the giant discount retailer acquired online shopping site Jet.com for $3.3 billion to compete with Amazon.com (AMZN) - Get Report , with its near trillion-dollar market cap.
Jet founder and CEO Marc Lore is reportedly getting pressured by Walmart's Board of Director and CEO Doug McMillon to cut the mounting losses.
Vox's Recode reports Walmart is in talks to sell off its money-losing fashion brand ModCloth, but retain Bonobos following unsolicited interest from a private equity investor. It has no plans to purchase additional digital brands for the next year or so. The company plans to continue development of its own brands instead, reports say.
Despite the loses, Walmart revenue is expected to be between $21 billion and $22 billion this year. The stock closed up $112.32 at 0.65%, at the top of its 52-week range between $83.82 and $112.40. The stock was still gaining a few cents after hours Wednesday.
Looking for ways to become a smarter investor? Join Jim Cramer's Action Alerts Plus Charitable Trust Portfolio investor club. Learn more now about our big July 4th sale; save more than 50% off the list price.