Watch CNBC's full interview with Walmart CEO Doug McMillon on coronavirus impact on business
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- Опубліковано 19 тра 2020
- Walmart's latest earnings results were released Tuesday, showing e-commerce and same store sales growth as consumers turn to the retailer for essential items during the coronavirus pandemic. Walmart CEO Doug McMillon joins "Squawk Box" to discuss first-quarter earnings, the state of business during the crisis, consumer trends, support for small business and more.
Walmart paid $3.3 billion for Jet.com nearly four years ago. Now, it’s shutting the site down.
But Chief Executive Doug McMillon said, given the chance, he would do that deal a second time.
“Absolutely ... would do that all over again,” McMillon told CNBC’s Becky Quick in an exclusive interview Wednesday morning. “If you look at the trajectory of our business, it changed when we made that acquisition.”
“Not only did we pick up Marc Lore ... we picked up fulfillment centers - a lot of expertise that ended up paying off,” he said.
As a result of the deal, McMillon went on, the Walmart brand is now reaching younger and more affluent customers, and also has been able to bring new brands, such as water bottle maker S’well, to Walmart.com. “That was the other role that I thought Jet was going to play,” the CEO said. Brands are more “comfortable,” selling on Walmart now, he said.
Critics have contended, however, that Jet.com was only a money-losing venture for Walmart.
Trying to play catch up with Amazon, adding faster shipping options and more third-party sellers, has resulted in a string of investments and expenses that have been a drag on the profitability of Walmart’s bricks-and-mortar shops.
On Tuesday, Walmart reported quarterly earnings, revealing that its e-commerce sales in the U.S. shot up by 74%, and same-store sales grew by 10% in the fiscal first quarter.
But there is also a price to pay, being the biggest private employer in the U.S. operating during a pandemic. The company said it spent nearly $900 million on expenses related to the Covid-19 crisis, with about three-fourths of that devoted to employee bonuses and expanded benefits.
McMillon said Wednesday that Walmart has seen notable spikes in discretionary categories like adult bikes and craft supplies, after the government sent out stimulus checks to aid American households during the pandemic.
“If the consumer generally feels like they are going to have a job ... access to money ... we will see them spend that,” he told Quick.
Walmart shares as of Tuesday’s market close are up about 5% this year. The company’s market cap is roughly $354.1 billion.
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Mr. McMillan talks about helping people through this pandemic,then maybe he would like to explain why Walmart raised prices on everything including their meat. I walked out of Walmart with less food than I had before the pandemic
Wal-Mart has monopolized all grocers and furniture and housewares from small business owners. They need to hire back employees instead of self check outs, that right there should have clued EVERYONE that they started social distancing from their employees. Plus they crowd the stores with their HUGE cartsvshopping for online orders. They should not be the only grocer in 50 mile radius. We have 4 supercenters and 4 Wal-Mart markets within 10 mile radius and only 1 hometown business grocer with 3 stores. WALMART SUCKS! And their CEOs are CROOKS!!!!
He needs to make his mansion and his office the same temperature as our front end! Take some of that 26.5 million dollar income of his and fix our air conditioning. "Walmart Family"? What a sick joke, they don't care about the customer or the consumer, just only the bottom line. GREED!!
Used to work at a DC back in my teenage years and one thing I learned especially working in 3 different ones... Walmart doesn’t care about anything but themselves. The second you disagree with them on ANYTHING U ARE OUT THE DOOR
Thank you, Doug. I have represented Wal-Mart for close to 17 years, and I enjoy working there. I really hope all business whether it be small or huge conglomerates get back to steadiness and thriving again soon! Like Doug said, I like competition and challenge.
Labeling what is essential is tyranny plain and simple. Different rules for different people and using essential is the cover. Social distancing mandates opposed to recommend is also tyranny
I walked into Walmart and I buy oil for the machine type 2 and it only has
I worked at JET through Intellisource in Pedricktown, nj . I was key go due to background check yet Wal Mart owned company treated me well and paid me well so Thank you. Sam Walton may he rest in peace would have been So proud of that job site and warehouse !
May we know that walmart contact email address for applying ? From Outside counties !
digital sales are up but none of them remain online my pay the service for 1 month but then they drop out because guess what they're not Walmart
Hey doug why dont ever go to walmart in louisiana 1353 to see how they treat the employees and how were under staff instead of sitting behind your desk what we dont matter to you I though we were family
Thank God he wants to thank thee associates Irving customer you trying to give me some break
Congratulations Walmart
SHAME ON YOU WALMART!!!!
Today I went to a local Walmart to ask a manager if I could return my recently deceased (stroke) 90 yr old grandmother's unopened incontinence products (which I had purchased in bulk with her stimulus fund to stock up on) and exchange for products my now widowed, and severly income restricted, 90 yr old grandfather is in need of.
I first went into the store and waited for 45 minutes to speak with a manager to make sure that this was possible as I did not have the receipt.
The manager I spoke with (named Andrew) told me that yes, I could exchange the unopened packages for other products without the receipt.
So I drove all the way home, picked up the products, and went back to wait in line (again) for another 45 min.
When I finally arrived at the return cashier (Marsha, also a manager) rudely stated, "No, you cant return those without a receipt!"
I explained to her how I had just been at the store and spoken to Andrew and was told that I could exchange the unopened products without a receipt for other goods and offered to show her my grandmother's death certificate . To which Marsha's response was, "Well, he's not a manager up here."
I am absolutely appalled by not only the lack of professionalism, procedural knowledge, and empathy displayed by such employees.
However, I am outright SICK to my stomach at how much Walmart has and continues to profit off the backs of hard working Americans.
ESPECIALLY now that their poor business practices can go unchecked due to CV and the consumer has little to no other retail options.
While millions spiral into poverty due to the developments of 2020, this corporate beast surges ahead plundering billions in profits.
Don't be fooled by their corporate public relations propaganda. You will find this corporate MONSTER is quick to point out how they so graciously returned the $12.6 million in gov. health stimulus funds.
Well, that isn't even a drop in the bucket compared to how much they have PROFITED from this great economic scamdemic.
Here's what the company reported for the fiscal third quarter ended Oct. 31:
Revenue: $134.7 billion
Walmart's reported net income rose to $5.14 billion from $3.29 billion a year earlier (FY 2019).
(That's +1.85 BILLION from 2019)
Wal-Mart's grocery sales alone increased 45% or $4,861,000,000 thus securing their number 1 position of the top 8 grocery retailers who have profited BILLIONS whilst small business have been forced to close.
Want to know some more of this caring companies secrets?
It's their extensive use of public money.
This includes more than $1.2 billion in tax breaks, free land, infrastructure assistance, low-cost financing and outright grants from state and local governments around the country.
AND
Another report estimates that Walmart and the Walton family-which co-founded the company and still owns a majority share-collectively profit from nearly $7.8 billion per year in other federal subsidies and tax breaks.
Just one example of this is the fact that Walmart was is the top four employers of SNAP and Medicaid beneficiaries in every state.
So way to go Walmart. Enjoy the $100 or so dollars you get to keep from my now widowed grandfather who will be going without.
Enjoy your billions and corporate kickbacks while the rest of us suffer. All the in the money in the world can't save your souls.
#RULES FOR THEE AND NOT FOR WE
No no no nolisten man you got it cuz you're paying me on a dollar forever for employment man you got to do this because I'm going to go ahead and go get these guys and tell him I'm bringing
I wonder if the Walmart
up to $10,000 so you will be able to have a good time because they were so disrespectful and good time for calling the police so many times
You can't go that way I see what the f*** was that
There's should be open WALMART in Pakistan particularly in Karachi mega city of Pakistan ,
Walmart is going to hell and im taking their money
There largest company in USA History. Their main focus is poverty how it got its start they tragically place them in high traffic areas, poverty low income and Boardline middle-class areas meaning lose jobs hit poverty. if you can get 1 Dollar from poor consentlty you'll be billionar. yet 75% come from china, Tawiwon few other countries.
We need better store security 2145
what I'm saying is a Brian knows very well he's doing and he's in calexico he's scanning business O'Brien scamming off the top of the bread of the Walmart
85% work 9 to 5 nothing less then whine like babies when losing 9 to 5. The well-educated person took time to learn what's not thought in the school system screw 9 to 5 I'll fund side hustle start company product or book. Any poor person can write a book to publish it. 99% do not know how to start yet roll with it.
thank you. For hire my son up in Phoenix and I'm sorry he doesn't have all the techniques no knowledge that I have and I'm trying to convey this to you you have to look at the situation I didn't have enough time or trained individual I'm being the best what the best detector of this b*******
*let go due to background check
Manny just what man of God damnI'll totally God damn bread in muffin microwave man and it was on fire it was fresh tomato brought home a an hour's toasted like mother like a rock in a microwave heated up I thought I was too cold
Policeman go in Walmart Christmas Eve and buy get everything and just say is all Andre
So what I just say they aren't 14201 okay that's $1 so will you pay them here $13 an hourlook man stop cutting me off they will you pay him 13 pesos converted 21 and you pay him 13 on the dollar note on the hour and you say this is because you live in Mexico what the f*** you want me to tell youand then you give a discount do you say you could have the soda free end of life for free because you got to eat it in the store
I mean that was pretty fast huh yeah that's congressman he talks so goddamn fast I think they're even getting butt f***
stan eyes police at la puente police West Covina and the sheriff's and all u agency's you are welcome to the party of the LAPD they're going God damn I said yes to go to Walmart and Christmas even get all the s*** you want with all three
Walmart cannot tell if a what's the cells in computers in the city of calexico he has the biggest showroomwhat are you doing in calexico you have not made a dollar off those displaced so what is Walmart doing losing money and because they're in the business of play me to lost that's pretty smart and I'll give me a computer say was lost stupid
paper goods why do I want paper good man you sell plastic baby you don't sell paper me what you talkin about old Mexican paper you mean pesos
listen up man I don't want to know you is I want in currency in the money. Dollar man dollar dollar signs but I want nothing the ones
Doug I want a lgl44vl
I want a GF ocean LG l455d my little bro
call the police Ed legaspi but you're all children are going to get Xbox whatever you want I just go there and get it all the s*** you need me I just always want you only get to take seeing eye dogs out
Walmart