Wal-Mart sees online sales surging 40% as it pursues Amazon

FILE PHOTO: Women's clothing are displayed in a Walmart store in Secaucus, New Jersey, November 11, 2015. REUTERS/Lucas Jackson/File Photo

NEW YORK: Wal-Mart Stores Inc expects US e-commerce sales to surge 40% in the next fiscal year as its online investments allow the retail giant to play catch-up with Amazon.com Inc.

The company also plans to add 1,000 online-grocery locations – roughly double the current number of sites, which help fill orders from customers buying their food on Walmart.com. Total sales, meanwhile, are expected to grow at or above 3%, the retailer said as part of a forecast issued ahead of its shareholder meeting yesterday.