Walmart is now the world’s biggest retailer, surpassing Amazon in terms of merchandise sales, according to an industry report.
Walmart’s stock surged by almost 25 per cent in early trading, with the company’s share price rising more than 20 per cent to $65.79 in New York.
The company has more than $1.5 trillion in annual sales.
Walmart has been under pressure from Amazon, which has been growing its business by selling a lot of products.
But in its most recent quarterly report, Walmart revealed that it has more merchandise on order than it can sell.
It said that it sold 7.6m products in its fiscal fourth quarter, up from 6.6 million products in the same period last year.
However, it added that it still had over 1.2 million stores in the US and more than 600,000 in Canada.
The retailer has said that its stores are experiencing “restructuring” and that it will start to cut back on some of the work that goes into inventory and other stores.
Amazon has been the world leader in online shopping for years.
It sells over a billion items a day and it has dominated the market for many years, with over $5 trillion of sales.
In 2014, the company reported its first profit ever.
According to a survey by the consultancy eMarketer, Amazon is expected to be the world market leader in the retail sector by 2020.