A major retailer is looking to expand its business in Canada by buying back a significant portion of its Canadian-made merchandise.
Walmart Canada has announced it will sell back $1.8 billion in Canadian goods and services.
The company, which has been under pressure to expand overseas following its record U.S. earnings report last month, will sell a portion of the goods it owns in Canada.
In a statement, Walmart said it is looking for opportunities to further strengthen its core business, which includes its Canada operations.
The Canadian economy is strong and Walmart has been working closely with its corporate team to identify opportunities to grow our global operations and strengthen our competitive position in a growing global marketplace,” the statement said.
Wal-Mart has been aggressively expanding overseas, with its headquarters in Canada opening in Quebec City earlier this year and the company expanding its footprint in the U.K. and the U,S.
It also recently opened a U.N. headquarters in Manhattan.
The announcement comes on the heels of Walmart’s annual report that was released Tuesday.
WalMart said the report showed its Canadian business has grown more than 10 percent since the end of 2017, compared to the same period in 2016.
That figure is a significant increase from the 2 percent annual growth rate in 2016, and it compares to the 6.3 percent growth rate it experienced during the year.