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e-commerce business. Since that time, Wal-Mart has scooped up several other online retailers, including ShoeBuy.com, outdoor gear retailer Moosejaw, and women's apparel seller ModCloth. Wal-Mart is also reportedly in talks to buy e-commerce apparel company Bonobos. Yet CEO Doug McMillon says that these acquisitions have only supplemented Wal-Mart's strong organic e-commerce growth: The acquisitions have received a lot of attention but our plan in e-commerce is not to buy our way to success. The majority of our growth is and will be organic. The acquisitions are helping us speed some things up. E-commerce sales growth at Walmart U.S. was 63%, the company reported, with the majority organic through Walmart.com. McMillon went on to note that Wal-Mart.com continues to ramp up its selection of goods, and now has 50 million items for consumers to choose from compared to 10 million a year ago. Additionally, Wal-Mart recently introduced free two-day shipping for orders of $35 or more, and launched a new service that allows customers to order products online and receive a discount for picking them up at its stores.
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REUTERS/Ben Nelms TORONTO Athletic apparel maker Lululemon Athletica Inc (LULU.O) on Thursday said it would close most of its money-losing Ivivva girls stores and boost investment in its online business as it reported quarterly profit that beat analysts' forecasts. The company's shares surged over 15 percent in after-market trading as Chief Executive Laurent Potdevin said results exceeded the company's initial expectations after stronger-than-expected sales of new products and fabrics. Lululemon said it would close nearly all of its 55 Ivivva stores, but continue to sell the brand online. Altogether, Lululemon had 411 outlets at the end of the first quarter. The shift is part of a broader strategy to boost online sales at Lululemon, which like most traditional retailers is looking to the internet to offset business declines at its physical stores. "We've doubled down on our digital strategy," Potdevin said on an analyst call, adding that he believed online sales had the potential to reach more than a billion dollars. The company forecast full-year net revenue of $2.53 billion to $2.58 billion, below its previous guidance of $2.55 billion to $2.6 billion. The leaner Ivivva will bring in annual revenue of "a little less than half" of what it posted last year, Chief Financial Officer Stuart Haselden said on the call. He said he expected the restructured business to post a "modest" operating profit. Excluding the impact of restructuring, Lululemon forecast full-year diluted earnings per share of $2.28 to $2.38.
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