Walmart Touts Record Growth, $514.4 billion in 2019 Revenue, Doug McMillon Comments
BENTONVILLE, AR - After finishing the year with a historical Q4, Walmart released its annual report and proxy statement this week in preparation for the company’s upcoming Annual Shareholders’ Meeting. The company touted robust earnings—including $514.4 billion in revenue—and the strongest two-year period of U.S. comp sales in nearly a decade.
“We had a good year, and I want to thank our associates for their great work and openness to change. They continue to inspire us as we strive to serve our customers better every day,” said President and CEO Doug McMillon, in Walmart’s earnings release earlier this year. “Progress on initiatives to accelerate growth, along with a favorable economic environment, helped us deliver strong comp sales, and gain market share. We're excited about the work we're doing to reach customers in a more digitally-connected way. Our commitment to the customer is clear—we'll be there when, where, and how they want to shop and deliver new, convenient experiences that are uniquely Walmart."
McMillon also outlined the ways in which the mega retailer was making efforts to continue to expand and strengthen its operations in a letter to Walmart’s shareholders released at that time—efforts that include expanding e-commerce operations and autonomous vehicle delivery, the implementation of more digital tools to streamline in-store shopping, and other forward-thinking initiatives.
McMillon also noted that “e-commerce has finally come to the food business and in a big way.”
Highlights from the company’s 2019 fiscal year included:
- Total revenue was $514.4 billion, an increase of $14.1 billion, or 2.8%. Excluding currency, total revenue was $515.1 billion, an increase of $14.8 billion, or 3.0%
- Walmart U.S. comp sales increased 3.6%. Grocery pickup and delivery are available in more than 2,100 and nearly 800 locations, respectively. Walmart U.S. eCommerce sales increased 40%
- Net Promoter Score and the company's Customer Value Index continue to improve
- The company generated $27.8 billion in operating cash flow and returned $13.5 billion to shareholders through dividends and share repurchases
The company also noted progress in the realm of grocery pickup, noting that pickup and delivery are available in more than 2,100 and nearly 800 locations, respectively.
“This is a period of significant change at Walmart,” McMillon concluded his letter. “I think the pace and magnitude of our changes are critical to the company’s future as we adapt to an environment that is changing more quickly all the time. We are changing how we work and what we do without changing our purpose and our values. To our customers, thank you. We’ll continue to work hard every day to earn your trust and business. To our associates, we are proud of you. Keep it going. To our shareholders, thank you for your interest in our company and your continued support.”
Walmart maintained its fiscal 2020 guidance projecting at least 3% consolidated net sales growth (adjusted for currency), 2.5% to 3% comp sales growth for Walmart U.S., and robust e-commerce net sales growth—up 35% for Walmart U.S.
Walmart's Annual Shareholders’ Meeting will take place on Wednesday, June 5, 2019. To browse the company's proxy statement in its entirety, click here.
To learn more, browse the highlights of Walmart’s annual and Q4 fiscal 2019 results here. For the company's complete shareholder presentation, click here.