NEW YORK (TheStreet) -- Walmart Stores (WMT) shares are up 0.23% to $86.42 on Tuesday as the world's largest retailer reported record online sales on the retail holiday known as Cyber Monday.
The Arkansas-based company said that customers viewed over 1.5 billion pages on Walmart.com over the Thanksgiving holiday weekend with most of that traffic coming from mobile devices. Walmart said that mobile traffic accounted for about 70% of the company's online traffic over the weekend.
Despite the strong page view and online sales numbers, online sales rose 8.1% over the previous year, according to IBM Digital Analytics, while analysts were expecting the company to report a sales increase in the 13% to 15% range.
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In separate news, the company continued to trim its overseas operations, cutting 250 jobs from its China division, according to the Wall Street Journal. The move comes despite the company reporting a 24.7% increase in sales in the country over the previous year.
Walmart said that it plans to open an additional 110 stores in China over the next two years even though it was forced to close 15 over the past year.
TheStreet Ratings team rates WAL-MART STORES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: