Doug McMillon, President and CEO of Walmart Inc. Corporation, attended the Business Roundtable on “The Future of Work in the Age of Automation and Artificial Intelligence” at the CEO Innovation Summit in Washington, DC on December 6, 2018. increase.
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Fayetteville, Ark – Thousands of Wal-Mart employees gathered in a huge arena on Friday and danced as follows: Jonas Brothers has found a resurgence of its annual event, which acts as the company’s pepler. Despite the festive background, CEO Doug McMillon acknowledged inflation, a new challenge facing the company.
McMillon praised how employees around the world worked hard during the pandemic, between loud cheers and celebrity performances, dealing with the lean staff due to Covid. He said sales grew despite the store struggling to keep the shelves in stock.And he vowed that the company would avoid repetition Disappointing first quarter resultsWhen inflation digs into profits.
“We are resilient and love the retail challenge,” said Wal-Mart’s workforce. “We are working to fix it and improve our performance throughout the year.”
Later that day, McMillon also emphasized to analysts that the company is scrutinizing costs and encouraging suppliers to reduce and absorb costs. Wal-Mart also said it leverages the expertise of leaders operating in Brazil and other countries with a history of rapid inflation.
At an investor event near the company, “We are serious about costs from top to bottom, and we are taking steps to lower costs so that the second quarter looks better than the previous quarter. “. Headquartered in Bentonville, Arkansas.
His comments came just a few weeks after Wal-Mart’s stock had its worst day in 35 years. In mid-May, the company Reported quarterly profits below Wall Street expectations Because the higher costs of fuel and freight hurt profits. Chief Financial Officer Brett Bigs said at the time that ultra-high inflation was squeezing customers, buying half-gallons of milk and storing branded deli meats to save grocery invoices. I said there is.
Walmart Quarterly Results — and Similar results To Target — On the day Wal-Mart reported earnings, it closed 11.4%, helping to lower corporate stocks and the broader market. The company’s share price has fallen by about 13% so far this year, almost in line with the S & P 500 Index.
Wal-Mart’s annual meetings are known for their party-like atmosphere and are traditionally held around the same time as the shareholders’ meeting... At the Bad Walton Arena on the University of Arkansas campus, employees around the world land at the birthplace of Wal-Mart for an event, wearing company stolen goods and waving their homeland flag. Friday marked the return of the event since the pandemic.
In a Q & A session with analysts, McMillon said in the last few weeks “in a very detailed and proactive way” as Wal-Mart’s team is driving to become even more cost-effective. He said he had reacted.
“Some companies call it” the old school Wal-Mart, “” he said, referring to the nearly 60-year history of the company’s attention to detail to keep prices low.
McMillon also said the company is closely monitoring spending patterns for its most value-conscious customers, ensuring that the prices of staple foods that feed their families are within reach. He said that as middle- and high-income customers are also trying to expand their budgets, Wal-Mart will strive to attract them with clothing and other items that they have never purchased at Wal-Mart.
He said it could ultimately help the company gain market share and increase profits.
“If the world is under more pressure and people are generally more value conscious, we are the place to go,” he said.