Russia Today April 6
China’s e-commerce site Alibaba has become the world’s largest retail platform, according to a US Securities and Exchange Commission (SEC) filing released on Tuesday.
Alibaba has yet to announce the financial results for the last quarter of its fiscal year ending on March 31, but the statement makes it clear the company has outpaced Walmart that posted revenues of $482.1 billion for its fiscal year ending January 31.
In the fortnight before the filing, the Chinese retailer said it had reached 3 trillion yuan (about $476 billion) in Gross Market Value (GMV).
Alibaba (BABA) Overtakes Walmart (WMT) As Largest Retailer By Gross Volume
INTERNATIONAL BUSINESS TIMES
Alibaba Surpasses WALMART
ZEROHEDGE via Drudge Report
As a reminder, two weeks prior to the SEC filing, Alibaba’s Executive Vice Chairman Joe Tsai announced in a blog post on March 21 that “with 10 days remaining in our fiscal year ending March 2016, Alibaba's China retail marketplace platforms surpassed RMB 3 trillion [yuan] in GMV. That is about [$]476 billion in U.S. dollars and, if the platforms we operate were a province, we would rank as the 6th largest provincial economy in China."Alibaba Group Holding Limited announced on April 5, 2016 that as of March 31, the end of its fiscal year 2016, it has become the largest retail economy in the world as measured by annual gross merchandise volume (GMV) on its China retail marketplaces. PricewaterhouseCoopers (PwC) has performed agreed upon procedures on data relevant to Alibaba Group’s GMV
Inferring a full year's revenue from that number suggests that Alibaba closed the books with roughly $490 billion, or about $8 billion in sales more than America's flagship discount retailer.
Read the Stats HERE
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