Walmart, the world's biggest retailer, posted a rebound in its US e-commerce business today and beat profit and revenue expectations.

Walmart's e-commerce sales grew 33% during the first quarter ended April 30, above the 23% growth in the previous three months. 

The retailer said it is on track to increase US e-commerce sales by 40% for the full year. 

The e-commerce rebound comes after a sharp slowdown during the crucial Christmas quarter, which sent its shares down over 10% and wiped out $31 billion from its market capitalisation. 

Investors worried the retailer would not be able to keep pace with rival 

The retailer recently revamped its website and has said it will offer more premium products through a partnership with department store chain Lord & Taylor. 

Walmart also recently said it will acquire a 77% stake in Indian e-commerce firm Flipkart for $16 billion, its largest deal ever, to compete with Amazon in an important growth market. 

It also plans to sell a majority stake in its UK grocery chain Asda to J Sainsbury. 

Excluding special items, adjusted earnings were $1.14 per share. The average analyst estimate was $1.12 per share, according to Thomson Reuters. 

Sales at US stores open at least a year rose 2.1% excluding fuel, in line with analyst forecasts, according to Consensus Metrix. 

Walmart has recorded nearly four years of US growth in a row - a feat unmatched by any other retailer. 

The company said its total revenue increased 4.4% to $122.7 billion, beating analysts' estimates of $120.5 billion.