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Marc Lore, a co-founder of Jet.com who is now head of Wal-Mart’s U.S. online operations, says he’s confident about the company’s momentum and there’s plenty of room for it to thrive. “I can tell you we are happy with the moves we are making, and we are happy with the results,” Lore said at the Jet headquarters in Hoboken, New Jersey. “It’s about moving fast. It’s about innovating. And it’s a very big market.” He noted that e-commerce sales industrywide are still growing 15 percent per year. Lore’s led Wal-Mart’s acquisitions of specialty online retailers like ModCloth, Moosejaw and ShoeBuy.com, and said he’s still looking at companies that have expertise in categories where Wal-Mart wants to grow faster. As Wal-Mart prepares to show off some of its innovations this week before its shareholder meeting, there are signs that things are starting to click. Sales at Walmart.com rose 63% in the first quarter, up from 29% growth in the previous quarter and marking its fourth straight quarter of increases. Despite its acquisitions, Wal-Mart said a majority of the increase was through Walmart.com and was fueled by changes in its shipping strategy and a discount for shoppers who pick up their online orders.
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