Talking to delegates at the Consumer Goods Forum conference in the South Africa, CEO Doug McMillon said: “So sometimes people say Walmart is not really a growth company any more. I want to say: ‘Well, if we layer on $50 to $60 billion, would that count, in three years?”
For the first quarter of fiscal 2017, Wal-Mart reported total revenue of $115.9 billion. Its sales at Walmart International were $28.1 billion.
“We expect second quarter fiscal 2017 earnings per share to range between $0.95 and $1.08,” Wal-Mart EVP and CFO Brett Biggs said in a statement. “Additionally, we expect comp sales for Walmart U.S. to be about +1.0 percent, and Sam’s Club, without fuel, to be slightly positive for the 13-week period ending July 29, 2016.”
Wal-Mart Excited About China
Additionally, McMillon said that retailer sees many opportunities in China despite tough competition. “China is a tremendous opportunity and I am very excited about China, bullish on China, but it’s extraordinarily competitive, very creative competitors involved, so it’s going to be tough,” he said.
Recently, Wal-Mart announced management changes, naming Dirk Van De Berghe as head of the Walmart China business. Dirk currently serves as president and CEO of Walmart Canada and his appointment will become effective August 22. He will also serve as regional president for the company’s Asia business, including Walmart Japan.
At the annual shareholders meeting, McMillon called on the company’s 2.3 million associates to write the next chapter in Walmart’s story. The retailer plans to expand its online presence, improving online shopping system, fast delivery service, and user-friendly apps and website. “We have the opportunity to reimagine retail again,” McMillon said.
To compete with Amazon which is boosting its shipping and delivery network, Wal-Mart Stores, Inc. announced that it will test grocery home delivery service with ride-sharing services Uber, Lyft and Deliv. The tests will conducted in Denver and Phoenix. The retailer is testing drones to manage inventory at its large warehouses. The company plans to use flying machines to handle inventory at its warehouses in the future.
On Wednesday, Wal-Mart announced that it is cutting accounting and other back-office jobs at about 500 stores in the U.S. to become more efficient and improve customer service to boost sales.
Visa – Wal-Mart Canada Dispute
Wal-Mart and Visa are fighting in Canada over the fees that the payment company wants to set for card transactions at the retailer’s stores in Canada. The retailer said last week it will stop accepting Visa cards at its stores Ontario starting from July 18, and would extend this across Canada.
Defending the fees, Visa said it offered the retailer “one of the lowest rates” in the country, The Wall Street Journal reported.
“Wal-Mart is unfairly dragging millions of Canadian consumers into the middle of a business disagreement that can and should be resolved between our companies,” Visa wrote in advertisements that appeared in Canadian newspapers on Thursday.
Shares of Wal-Mart Stores, Inc. have gained over 15% year-to-date.
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