Impossible foods makes a deal with Walmart Inc. (WMT) NYSE to for its meat alternative products to be sold in Walmart stores. Impossible Foods plans to increase its retail presence over 50 % to increase sales and gain market share for its meatless food products.
Walmart will sell the Impossible Burger in 12-ounce packages in brick-and-mortar locations and through their Grocery Pickup & Delivery platform.
Patrick O. Brown is CEO and founder of Impossible Foods, a company at the forefront of making nutritious, delicious meat and dairy products from plants to satisfy meat lovers and address the environmental impact of animal farming. He pioneered the use of gene expression patterns to classify cancers and improve prediction of their clinical course.
Walmart Financial Information:
Total revenue was $134.6 billion, an increase of $10.7 billion, or 8.6%. Excluding currency , total revenue would have increased 9.7% to reach $135.9 billion.Walmart U.S. comp sales1 increased 10.0%, led by strength in food, consumables, health & wellness, and some general merchandise categories.
Walmart U.S. eCommerce sales grew 74% with strong results for grocery pickup and delivery services, walmart.com and marketplace.Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com. The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy.Sam’s Club comp sales increased 12.0%, led by in-club transactions. eCommerce sales grew 40%.
In other news, The Flipkart Group, India’s homegrown e-commerce group, today announced the launch of Flipkart Wholesale, a new digital marketplace that will help transform India’s retail ecosystem by leveraging cutting-edge and locally developed extensive leadership in the consumer e-commerce segment and technology for the country’s mom-and-pop “kirana” grocery stores and other small retailers. As part of this launch, the Group also announced the acquisition of 100% interest in Wal-Mart India Private Limited, which operates the Best Price cash-and-carry business, to leverage the strong wholesale capabilities of the company and enable growth and prosperity for the nation’s kiranas and micro-, small- and medium-sized enterprises (MSMEs). The launch and acquisition follow the recent announcement of a new $1.2 billion equity round, valuing the Flipkart Group at $24.9 billion post-money. Source: Walmart
Walmart has also invested $428 million more in associates with another special bonus, totaling $1.1 billion in special bonuses so far this year.
Doug McMillon is president and CEO of Walmart Inc. Under Doug’s leadership, Walmart is making life easier for busy families and building trust with customers. It is investing heavily in associate wages, benefits, and education—including a debt-free, dollar-a-day college program and an expanded parental leave policy. And, it launched an ambitious program, Project Gigaton, to combat climate change and work with suppliers to avoid 1 billion metric tons of emissions worldwide.
NYSE: WMT CWEB Analysts view the stock as a long term growth and a great addition to your investment portfolio with an upward momentum of $1000 by 2021 with direct competition to Amazon.
Impossible Foods Photo Credit –Impossible Foods