Walmart's net income fell 42.1 percent year over year to $2.18 billion in the fourth quarter of 2017, according to Reuters.
The decline in profit was partially attributable to a drop in online sales growth. The company's online sales grew 23 percent in the fourth quarter of 2017, much slower than the prior quarter's 50 percent increase.
"We're going to continue expanding our e-commerce businesses as it relates to food ... with online grocery ramping up," Walmart President and CEO Doug McMillon said on a call with investors and analysts, according to CNBC. "So we think by the time we get to the end of the year, and look back at the number for the total year, [e-commerce sales] will be approximately 40 percent."
Walmart saw revenue rise 4.1 percent year over year to $136.3 billion in the fourth quarter of 2017, according to Reuters.
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