Walmart Reports Record Fourth Quarter and Fiscal Year Results
BENTONVILLE, AR - Walmart recently reported its fourth quarter and fiscal year 2021 results, noting an annual revenue of nearly $560 billion resulting in $35 billion of growth. Alongside this announcement, the company also divulged several strategies to keep this forward sales momentum.
“This is a time to be even more aggressive because of the opportunity we see in front of us,” commented President and CEO Doug McMillon in a release. “The strategy, team, and capabilities are in place. We have momentum with customers, and our financial position is strong.”
Chief Financial Officer Brett Biggs also weighed in on the results.
“Our associates responded unbelievably to serve customers in one of the most challenging times we’ve faced. We have tremendous momentum, having just completed a year with record sales and operating cash flow,” added Biggs. “We accomplished this while accelerating our long-term strategy of transforming Walmart into a dynamic omnichannel business. It’s now time to accelerate even more.”
According to the release, Walmart’s omnichannel strategy includes the following:
- Increasing efficient pickup and delivery, which will drive accelerated growth
- Innovating to enhance a seamless, digital customer experience designed to deepen customer relationships
- Continuing to invest in associates and create opportunities by raising wages for an additional 425,000 frontline associates after raising wages for 165,000 associates last fall
“We completed a strong year and a strong Q4 thanks to our amazing associates. They stepped up to serve our customers and members exceptionally well during a busy holiday period in the midst of a pandemic,” continued McMillon. “Change in retail accelerated in 2020. The capabilities we’ve built in previous years put us ahead, and we’re going to stay ahead. Our business is strong, and we’re making it even stronger with targeted investments to accelerate growth, including raises for 425,000 associates in frontline roles driving the customer experience.”
Other highlights from the company’s financial results included:
- Walmart U.S. Q4 comp sales grew 8.6 percent and Walmart U.S. eCommerce sales grew 69 percent
- Walmart continues to build the next generation business model, investing in automation to fuel future sales and earnings growth. FY22 capital investments are expected to be nearly $14 billion to build supply chain capacity and automation to stay ahead of demand, improve the customer experience and increase productivity
- Walmart will also invest in U.S. wages, raising the associate average to above $15 per hour
To read the entire financial report, click here.
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