Walmart International’s margins squeezed by Flipkart, Myntra quick commerce bets

Walmart International’s gross profit rate slipped in the June quarter, weighed down by rising investments in India’s fast-growing quick commerce market through Flipkart and Myntra.

“In International, gross profit rate declined with continued pressure from channel and format mix, as well as strategic investments in price across markets and our quick commerce capabilities in India,” said John David Rainey, chief financial officer and executive vice president, Walmart, on the company’s April–June earnings call.

Kathryn McLay, president and CEO…