Marc Lore, head of Walmart’s U.S. e-commerce business, and Doug McMillon, CEO of Walmart.
While Walmart has been making investments — like buying Jet.com for $3.3 billion — to try to compete with Jeff Bezos’ behemoth, it’s been a drag on the big-box business’ profitability. So much so that Walmart is now projecting losses of over $1 billion for its U.S. e-commerce division, helmed by Marc Lore, this year, on sales of between $21 billion and $22 billion, according to a report by Vox, citing discussions with multiple sources familiar with those financials.
Walmart didn’t immediately respond to CNBC’s request for comment on this story.
Frustration has been growing within Walmart as these losses on Lore’s team mount, the report said. And now the company is reportedly pressuring Lore’s team to sell off some of the digitally native brands it’s acquired in…