A Walmart supermarket is seen in Yichang, Hubei province.[ZHOU JIANPING/CHINA DAILY]

BEIJING - Walmart will open up to 40 new branches in China this year, while upgrading 50 outlets and improving stocking and logistics, the company announced Wednesday.

Walmart opened 24 new outlets in China last year and now operates more than 400 stores across the country.

Overall sales in China grew 5.4 percent year on year from last November to January, the latest financial statement showed.

Last year was the best financial performance in almost five years, according to Dirk Van den Berghe, president and CEO of Walmart China.

Walmart will continue to cooperate with JD.com to offer online shopping, door-to-door delivery, mobile payment and other services. The two companies signed a strategic partnership agreement last year.