THE WHAT? Walmart has reported its results for the final quarter of fiscal 2021. The US retailer saw revenue reach record levels, rising 7.3 percent yoy to US$152.1 billion.
THE DETAILS The rise was most marked in the US with comparable sales up 8.6 percent and US e-commerce soaring 69 percent with strong results across all channels. The retail giant’s Sam’s Club division saw comparable sales increase 10.8 percent and e-commerce swell 42 percent while Walmart International registered a 5.5 percent rise to US$34.9 billion, led by Flipkart, Mexico and Canada.
For FY21, revenue hit US$559.2 billion, an increase of 6.7 percent, with operating income rising 9.6 percent. However, due to planned divestitures, Walmart expects net sales to decline in FY2022. It is planning to pile around US$14 billion into improvements spanning supply chain, automation, customer-facing initiatives and tech.
THE WHY? Walmart President and CEO, Doug McMillon explains, “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.”