Walmart Stores Inc. expects its e-commerce sales to grow by 40% in 2018.

Bentonville, Arkansas-based Walmart’s president and CEO, Doug McMillon, made the prediction at the company’s annual investment meeting Oct. 10.

“We’re combining the accessibility of our stores with e-commerce to provide new and exciting ways for customers to shop,” McMillon says. “I’m proud of the team we have in place, the work we have underway and how we’re positioned for success in the future."

Also at the meeting, Walmart announced it expected consolidated net sales to grow at or above 3 percent, thanks to both comp sales and e-commerce growth. The company also looks to open 1,000 online grocery locations in the U.S.

Store remodels will continue to be prioritized over new store openings in 2018 and 2019. About 280 new stores will open in each of the next two years. Walmart U.S. expects to open fewer than 15 Supercenters and fewer than 10 Neighborhood Markets in fiscal 2019.

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