Earnings call transcript Q2 2024

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Operator

Greetings. Welcome to Walmart's Fiscal Year 2024 Second Quarter Earnings Call. [Operator Instructions] Please note this conference is being recorded.

At this time, I will now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Steph, you may now begin.

Steph Wissink

everyone. welcome, and you, Thank We're excited strong for results a you year. discuss quarter and with second outlook the our of to upwardly the revised

Joining CFO, McMillon, CEO, me Rainey. David and are Walmart's John Doug

At John Sam's from International, remarks and from joined David, your will and Following Club. Walmart that segment U.S., prepared we CEOs: Doug time, our Walmart from from we'll Kath John take McLay questions. Furner by McKenna be Judith

These presentation identified the materially statements. non-GAAP are regarding filings with statement [Operator stock.walmart.com. cause and management in statements. not as our call forward-looking SEC. statements, may are risks Instructions] uncertainties subject factors These limited but as press our entire on is and our and and forward-looking a accompanying statement for Today's to Safe recorded, actual being make results Harbor well cautionary from review risks statements that the could to, at include, slide to uncertainties website differ our reconciliations Please release and these

Doug, your to Thank you begin. in ready now we interest are for Walmart.

Doug McMillon

and us. for joining morning, everyone Good thanks

quarter. sales. strong with first another and counts half in markets markets share is positive gaining units pleased sold, had We transaction and formats, are income operating growth We're across across really outpacing growing We're performance. our

future. quarter, results double-digit the building by Flipkart's team is U.S. X.X% led The and was Walmex short-term comp were in ahead international be Club Sam's up was the and of at Walmart XX%, GMV the sales For U.S. strong. and they'd sales for X.X%. where driving we for also at thought growth were China. for

positioned club, are helping order who they store want delivered. We up live are who having a how and curbside served that's We be we people We're picking people-led, serve like to we people money whether save and or tech-powered, for can better. it We're retailer to a omnichannel we in like becoming. growth. dedicated an

faster businesses newer model some way, continue enable a of positive to We which sales. our helping in profit overall shape grow to than grow the to us

We're continue stores areas capital markets. store talked including and clubs remodels, setting new with can in you the technology, about, in automation, select us like to the and we've and priorities, and right expect club investing

As power our tools focus and data the only members our is that and powers technology is on approach it. technology, enjoy it productive and relates generative customers of more associates to or AI AI new shopping for as like and any generative to Ultimately, more making the our good to work. satisfying convenient easier as helping

and Our in potential large suited supply ways. uniquely chain. excited data are language our needs taking the by and context impactful customers, the are create broader associates and retail adding developed tech models community assets unique, that and to we're our the of about to new by them our models partners to We're leverage and our

value through the our unlock intelligent shareholders software. increasingly work for with physical our We'll and automation data combination of

We priorities. as and on have sharp we results a drive capital set focus ROI our

equipment I in remodel a our company, items we Investment from as regenerative last put framework our in The new results our place. quarters. financial out is evident becoming we The Meeting of mentioned stations like laid support the Community goal EV program at things two April to charging in refrigeration includes and

grand country. the that that in where our strong in hydrogen last week in supports was I to plant opening new of Chile Santiago a got I participate in business

Canadian supporting of U.S. help we and While announced farmers collaboration health I'm quality. water recently new on focused the subject and improve on soil regeneration, to a

XXXX. agricultural farmland gas reductions X on of removals practices X enable and million greenhouse adoption Our emission accelerate collective goal of than acres tons million is the to deliver by regenerative and and metric more of

across happening still company. I days work our the good by Some get amazed all

and retailer, a tightening level, our macro their disinflation and and Jobs, excess how higher helping see that how customers that and wages budgets we are lending influences of As savings and by a behaviors. standards happening customers, resuming affected global student a at pockets members our pressure. payments, are mean are in drawdown but rising prices, loan costs, household borrowing still what's energy under

together, I families was shorter-term they're of spending than are are stores in Calgary on. ago, discerning given that their the all rates and about about. a most setting the on they care couple Canadian mortgages. faster the weeks things you of our put feeling spending in pinch interest U.S. visiting customers we this see and They're priorities what When higher

home. Year during Back year and of to more plan of the saw recently School, eating of more and that ahead first and the buying with at private with they're grocery half buying are staples far. sales the We where brand more them start New consistent We Easter, Xth with options in-home items, see Chinese meal so and July and

they and for come frequently to drive us more in discretionary to there and to members see needs. money cohorts more customers We income save resilient. everyday trust on gives conversion them. across That They're opportunity looking us an people are value, categories. Our for looking to be us

We're drugs half. back merchandise performed of consumables half see percent second our of general and popularity the primarily the to the year. trends health us in make the in encouraged GLP-X due optimistic grow by some a sales to expectations. versus But we general back food, We categories those merchandise about total and during still feel to in the quarter the how wellness, as more expect

our omnichannel Our stores clubs us give and and a advantage competitive power model.

obviously people continues and than pickup business growing now Delivery faster as delivery are time, is we to and segments. across we're our pickup all speed and important, three accuracy how ways grow curbside physical store-fulfilled Our look assets. save lack to for leveraging

than more and internationally. rather days. Clubs hours In Sam's stores nearly deliveries, those nearly same-day X,XXX measuring deliveries than and We're stores X,XXX we and the have in U.S., making in XXX clubs increasingly

in reinforcing are where improving In our to XX% our to hour. important constantly stores, we're speed. scaling building be we businesses. fulfillment under is great way Running our and our e-commerce It's advertising we're mutually I like priorities. design services how key. nearly top marketplace, I The like our all and and stores from with China, delivery strategy, digital we are business and will deliver and one along of them customers delivered orders how

products omni-retail, and prioritizing opportunities keep the in fantastic, has here but have building multiple and in like ONE PhonePe U.S. in good other services in Cashi We'll we markets. growth Mexico been financial and of The through we're financial healthcare

with We continue our expansion. clinic to healthcare capabilities services build

product retails down remainder will category. our and with to year, the orders, pickup at the on inflation, mix, by and which immediate and delivery fight look I management As of inventory getting item execution help management expense of focus improving is costs and

up saying thank by I'll you a our to associates. wrap big

As they're difference every making day always, for a customers our and members.

commitment School is ready day-to-day as we for our your their company. interest and you and out get members to holidays, As close our as critical in and the execution to customers Back ever. Thank for

David. Over to John you,

John David Rainey

Thanks, Doug.

delivering start in EPS. gained all rate results like expansion. for U.S. margin us partners strong to market in by adjusted grocery in both quarter strong segments, with and were income customers, thanking associates and while across and gross better-than-expected operating our Sales we I'd and helping sales, dollars share units another deliver

seasonal saving Our money customers' periods. and resonate, high continues focus on volume time in to especially

back over and the momentum have well the by grew sales business. expected, QX XX%, as income EPS we guidance, half. our operating about X.X%, With in by positioned by we're Year-to-date, we enter adjusted increasing our roughly results better adjusted in full-year good coming than We X%. we're and

I'll framework discuss guidance shortly, returns. to but like our review Starting growth financial of margins and first our with of growth. highlights using I'd results QX

by For growth quarter, the transactions. in U.S. fuel sales Grocery both in than general merchandise. currency with health and modest improvement the are sequential wellness second we continued or Walmart increased comp to X.X%, store and increased $X sales and constant and excluding more outperform, sales X.X%, billion. digital encouraged

E-commerce weekly sales on Customers sites QX, like users In are seeing app counting than driven by were more digital store trends our advertising. visiting convenience, we're often. and in the more pickup increasingly for delivery us fulfilled active e-commerce. and XX%. We and XX%, and they're grew up

level. kitchen are still lower-priced on customers merchandise more as buying also often. tools better and more QX, preparing to higher staples celebrate being like moments. inflected focusing at customers We see hand options grocery Customers spending stand stretching at resilient key dollars Similar and general across mixers have often. brands, food meal Sales They're necessities the seeking and of purchased more want to and home. headline blenders items more more and further in-home are consumer categories value and remains their

inflation. prices and similar July last utilize in events the offer Over to exceeded like here to suppliers our the and approach Week same event. sales and the Walmart taking basket essentials as X have Plus for impact a a removing Customer for we've classroom to strong, Savings most School, of goods response year, U.S., under select inflation-fighting partnered of with at essentially with the rollbacks of XX plan $XX. popular seasonal has Back Day, Memorial been We're last baskets of year the

strong, on and and in grew led Walmex, by growth international Flipkart. our In constant China E-commerce across double-digit markets. up segment, we sales traffic positive XX%, XX% store experienced were a basis, currency

and look penetration quality. towards by customers private spend U.S., across for fee pressured seeing more sales up to member brand consumables. income indexing and excluding the with Similar customers Sam's And combination as We're Club food of comp fuel with inflation a X% over than still globally value increased are elevated higher X%. U.S. markets

chain tailwinds elevated by health were consolidated points mix levels pressure, basis year's lapped category margins, outperformed gross sales last partially XX margins wellness as and These supply grocery as markdowns On costs. offset of merchandise. general and inventory increased ongoing and we

eye Walmart fulfillment I'm has and we improving particularly been digital contribution driven are profitability. towards efficiencies making, better the progress U.S. product with our by One margins priorities margins. strategic in of an e-commerce pleased profit, with is which

Meeting of this said Investment our get fulfill profit and goal. that track we're we more local our lower to to stores of cost. orders, leveraging than our in on product contribution expected activating and XX% customers in At digital I year, XXX improvement April, networks achieve at to that faster Community points to delivery basis We're

with provide these. higher We're retail our margin of model. highlights each also our that performance core on of I'll initiatives pleased growth omni reinforce

items in and apparel of both in sellers We're more growth consumables on buying in our marketplace. general double-digit the The U.S. Sales across sellers. our and items categories, increased than scale home, number customers of strong increased marketplace QX. XX%. fulfillment merchandise were to and with hardlines, our and XX% number services with First, the continuing new marketplace utilizing

shipping two-day we marketplace, automated households. first our includes GMV e-commerce XX% Mexico, items the the and also which of expanded to resulting for center we In fulfillment Walmart available and on growth in Alberta, opened Canada, XX% quarter. Fulfillment Services the sellers expands of number In in

And X,XXX to in for products, on the India, fashion and provides to top Flipkart's largest more country's is customers brands lifestyle Myntra its than offering marketplace. across e-commerce India. marketplace access Myntra brands now

advertising. to Moving

business advertising with XX%. Walmart ads the strong over strong increased XX% growth strong Connect new and past doubled nearly global in-store for of advertisers. sponsored momentum years. seeing delivered the Our size U.S., activation. In approximately growth business two demand has We're Advertiser in count sales in XX%, in QX, and in increased the grew

both are Sam's visibility XX%. improvement intent gain generated of in-club feature nearly spend the in member strong average, grew sales they ad full nearly and business digital international, purchase, XX% and advertisers advertisers. returns from has the advertising advertising on to journey interest XX%. And seeing grew to the business from sponsored in-clubs. search The for attribution as online On ads a

versus And penetration lastly, plus as up year. in U.S. last growth Club X.X is counts increased member plus mid-single with strong membership membership, points renewals Sam's percentage digits

record XX% the acquisition off Plus the to customers the to provides we quarter, fee assistance. regular a and of which Walmart member achieved Plus We the Week Assist, for introduced membership Plus During value receiving membership. government continued Walmart tied enhance Walmart discount

members. We also benefits partnered new launch with to Group travel Expedia for

back the middle Turning of to the P&L.

our planned XX U.S. higher and and expenses year significantly As variable when the to expected, were reflects higher deleveraged last Partially year expenses performance, points. in leveraged offsetting pay cost tech versus relative This investments international basis growth. sales were store strong remodel on below increased we expenses this, SG&A last

we're As automated pleased metrics we our from and notes. in fulfillment newly increasingly business, our performance the utilize with distribution technology

higher hour centers units of non-automated automated efficiencies than XX% are fulfillment e-commerce Our buildings. per achieving

in that operating more from encouraged distribution now stores we our also productivity by It's some XX% these increased early driving beyond being automated initial the We're process, served of of but leverage regional seeing well rollout than expectations. facilities centers. the are are

adjusted our operating $X.XX was up Second and X%, income more than quarter EPS adjusted grew X%. of

sales, than international's the faster that year. income benefited insurance other operating our this grow million last to income and achieved lapping second is despite plan Our settlement quarter performance $XXX

the by in Similar ended expense, to in inventory we've demand general from levels Walmart team maintaining in and good progress rates how an Walmex. mix the results made this managing U.S. We're job our higher We the were increase decline on quarter during merchandise reflecting feel and to to discipline net X% below-the-line The including QX, chain we're due good is risk in a as macro interest to environment about supply X%, of the do stronger future inventory, improved. buying composition normalized is and items interest part noncontrolling uncertain if mitigate pressured continued we softens. in-stock down

points. ROI or investment, declined basis return on XXX

is on we framework last in of a separation we a of ROI related year, and calculate PhonePe. basis, Flipkart to in QX and the billion reminder, opioid in charges a legal primarily the the and and XX-month QX QX settlement $X.X nearly incurred result trailing As decline

Together, points. second XXX these quarter negatively ROI by impacted basis

benefits As 'XX, productivity and the coming of initially in for We're expect realize quarters, starting the we discrete expect year. continue we year back to ROI some initiatives to from also over to these the stronger were inflection increase that we lap years. the our half fiscal in coming planned charges ROI a

briefly some segment. highlights each additional I'll discuss now for QX

X.X% health increase our wellness. Walmart sales increase high a For single-digit high-teens and U.S., a in included comp grocery and in

Back better to XXX Although QX, in outperformance declined last our event. by digits early savings versus low basis sales shopping general from merchandise points Plus these School year, results aided single Walmart were than

a lapped from inflation last mix saw sales increase from We wellness general levels and more and merchandise a points from shift levels digit QX inflation and health QX. grocery Grocery XXX point a to more moderated we in stack, XXX-basis XXX year. over high points two-year single grocery than year-over-year remained in as than On basis to higher basis XX%.

units where more seafood growth in meats, We're sold, particularly as categories pronounced, encouraged in food fresh eggs. by the such disinflation is and

with In were XX XXX X%, penetration QX up brand grocery basis two-year points in addition, sales on private than up more more nearly points in than up and basis stack.

chain XX from from rate income Walmart+memberships. basis income shifts. in accelerated supply branded pressure nearly gross of QX. a despite and in cost increased markdowns by drugs continued impact overall, margin margin mix outsized mix increase operating points, Walmart Other X%, The grew resulted category And in to Lower in negative ongoing U.S. X.X%. growth led growth

is more impacted segment Operating up Club points and international earlier. retail sales Walmex grew quarter strong mentioned that Walmex year's impressive quarter in had across delivered sales channels. Our stores, recovery X.X%, example formats I in low strength the another double-digit last with with X%. was than Bodega sales and with Sam's from E-commerce omnichannel reflecting increased E-commerce. our our traffic up XX%, XXs, an of income growth excellent and strength strong XX percentage underlying negatively another growth. lapping but by insurance profit

anniversary Bodega stores consistently Mexico. accelerate better the than strong has valuable to performance have from most in XXX and XXX offering These to Aurrera XX,XXX and customers, in now more is become continue stores Bodega celebrating retail its cities. brand SKUs serve delivered e-commerce XXth

China, led well increased by from and across Sam's and In Club hypermarket We're XX%, sales Sam's and the increased offline both strength online formats. executing traffic e-commerce. with

profit focus of core the expanding sales services perform delivered contribution consistent and and the long-term and of reinforces and as delivering and this on Flipkart ecosystem progress travel The business. confidence Flipkart's India, business strong like on net performance In continues value growth well. improvement. advertising, healthcare, GMV to in products team continues to our continued the

leading and PhonePe's Flipkart be impressed than is transactions payment we total the to transformation is the trillion, single month. digital super consistent and the performance. a in India in in TPV first and surpassed volume India, processed has more continue with the strong world, largest marketplace X and we time, leading Annualized for or $X.XX billion

growth with QX, unit In Scan saw with Club. to curbside It's with outside members engagement gains quarter XXX strong growth. and in omnichannel of points, tools another delivered our traffic utilization double-digit Club digital pickup embrace and strong basis and Go in-club increased e-commerce the and Sam's up XX%. solid see and encouraging increasing

Sam's Similar essentials. value and the was grocery on led focused to Walmart, healthcare and sales strength categories by members at as

with price were While sales. driving pressured quality value due are in Club discretionary strong XX%, market categories income charges. to overall, operating compelling lower and items and to part Sam's was LIFO up

of of in for backdrop Turning the year. uncertainty to balance this to guidance. level reasonable be economic There a continues the

has inflation have loan moderated October. are resumption some and student the payments from prices employment customers steady, credit While tightened, have and of higher, levels additional been face energy in expense markets

we appropriately outlook. our in such, measured As to continue be

full and updated our full changes, QX please I'll for our raising metrics. press expectations the key of performance year highlight a list guidance to We're to release the QX. reflect refer for but

we charge in grow For X% to approximately year, in sales X.X%. guide. now to anticipate that versus was million million $XXX charge constant the income operating be the a full We now prior our $XXX will expect LIFO net currency to

We modestly were we U.S. LIFO expect $X.XX in bridge an LIFO. now the a which $X.XX, guidance, $X.XX point a beat, expectations. flowed to expected approximately through we from be basis increase X.X%. operating from currency impact to including the sales range to income estimate prior charges raised removed adjusted point and and to QX a of expected This in our to To QX XX guide, X% previously our that Walmart QX EPS XXX basis headwind. in prior to And assumes year-over-year assumed LIFO constant our compared tailwind

Looking view. at the following now QX, offering we're

This is factors. currency expected by expect income constant growth to in approximately currency be in sales growth of Operating impacted comparison constant X%. approximately is net year-over-year growth We several X%.

gross mix impacts margin ongoing to QX. in expect pressure to We continue

last And were variable fuel levels. performance. elevated Sam's Club from QX to impact year be our planned at last versus to negative a is expected similar in expect we margins versus year's expense pay also We below when QX, higher

guide income worth We growth to $X.XX. stayed would where $X.XX they but benefit of reported are we'd operating currently, we be it's if reported sales to expect QX adjusted X.X%. $X.X currency, don't rates EPS billion see closer lastly, QX typically a noting that to And and

the positioned In the for and favorably of business the half year, pleased half. strong the back closing, we with we're first

optimistic omnichannel improve returns. the to performance position. our about validating strategy, improving margins in ability performance sales We growth our is financial We're even like our driving Our more while future. organic and our

it I'll few questions. hand the for opens back the to now a And before line [Doug] for comments operator

Doug McMillon

John, you, Thank David.

Before we say take few the about leadership shared yesterday. your questions, a to want I changes words we

many most Let's in the Judith. bottom It's the for a the our part portfolio, strong future, growth recent and done She of line. she's different at better She time. grateful. positioned has celebrating We're start better XX years company. fantastic it's the having up strengthened on her job delivered and for a having digital roles She by positioned results and same a culture top business. sets future transformed leaves over role been our us for the

It role. about watch members leadership moving experience results passion the delivered Kath into for take the world. We Kath impact level. and The and talked at team Sam's customers international the themselves. serve to to and us fun Her around be our will her next to will have speak

left ago several in a going He right but and with pick joined around where in finance and us member he off. U.S. previous and Some years how markets obsession operations of world. capable off five Club role He'll the keep Chris merchandising experience in is. you Kath know in met Sam's our Nicholas

the our will that's Officer. team to We Operating Walmart all He become prepared in big a years and company roles well also John's lead wide XX automation Kieran of change Shanahan shared Kieran chain. our variety has through working three our team in Chief join and in U.S. segments. that investments with this is coming yesterday the supply

e-commerce also all keep have a all are skills. lot but company The this Chris all things times but great a Kieran operating to keep John, only and these there's As such and These we leadership congratulations club that keep new four changing I merchants and depth digital they experience. There's purpose-driven our segments not worked pushing group, are build them. of expertise of proven and deal leadership in to running, of three in roles, omnichannel an advantage, Kath, is say of business. get want of will our forward. store and in passed

over And to now operator. take questions. I'll it back We're to your the turn happy

Operator

the [Operator with line your And our Ohmes Instructions] Bank of with America. question. of Thank you. first is from Robbie proceed Please question

Robbie Ohmes

Hi. optimistic? making you David have talk how general you're about I you optimistic there. weave more you income And merchandise, if think Thanks merchandise, could for general things seeing John continued shopping. about seeing? the my general also mentioned Doug, you customer maybe know something in that Can you're about maybe we buying think guys about that high that's question. what you taking are back think in that seeing I merchandise? And what I make half. in you you the should disciplined mention said to

I been grocery high-income the out seen store? customers the think focused. rest more broadening into you of Have it's

Doug McMillon

first well back-to-school I compared up. Robbie, started? think making run back Christmas Doug. and food our GM to strong, bodes What's what and I'll typically, half. for John in it is can quarter add the U.S. Halloween when previous And a Walmart is if back-to-school and the in better happens total want consumables to and how then they and still as percent to. with bit rate others do go the or will little this go

up than inflation I it better And the with would we But just posture an have managers to to want the on and Anybody started have into our guessed. would is or Part go the merchants, anything? - I store XX year, we feel days ago that what thought half. the and like add as GM GM of I is in optimistic disinflation to what's I back with when relative GM holding we categories. happened want have

John Furner

improvements give I the to made. like credit I'd for to - we team Doug,

in last ability, appropriately. shape. this about inventory where top have headwinds our I and in for year Back rooms stores discretion much with stores on really it's with clear were was you year. the store and their If They're of this markdowns. that week, their better are we think merchandising

I registry in is products, things helping and new team, teachers and second like nice think e-commerce for The that's thing, classrooms done launching has parents the a lists. job

are Those nice And is helping thing all events and with working back-to-school. last say team the doing I'd really that and then is a holidays. job the seasonal

that of celebrating customers that One things started now like we bit we consistently strong. again, a right that's hear through, from of back-to-school a the saw as certainly they Memorial theme they're to coming looking forward X, That's to. Day, and from July used

a forward So, in us. be the to as to and people we There John that of But and front big of the season. to It's market. are said Doug a prepared of holidays celebrate - in together, we dynamics, holiday. want and remain holiday lot very these each David flexible look going help to get

John David Rainey

changing like increases, categories third-party you merchandise double-digit also apparel, hardlines, of general that we're our things are There of marketplace selling is our indication business, gives on home, an more how assortment. as really saw which

John Furner

John It of up about We've your think event remarks four a had a of ago. our We David, in talked in participation well number example. was the mentioned good plus as almost sellers. our marketplace sites, level from items the high available is. And a I year extra you event,

really of will growing. and us building Tom that team help nice The number in customers job a the grown. done has capabilities And Our future. have are seller count the

John David Rainey

of your across On question, Robbie, high-income the see all to we consumers, respect second with to gains income share part demographics. continue

been we I number or for think But actually six it. share now. and quarters for five has pretty the encouragingly expand of us that the consistent categories gain in quarter, this saw

And proposition it convenience with about value and income convenience customers. just to that every low prices. It's also fact household matters our about It's everyday demographic. to really the not points is resonating

Operator

comes line proceed of from McShane Kate Sachs. your the question. Our with with Please Goldman next question

Katharine McShane

the points marketplace, about questions. quantify of from Thanks is and comes And and gross gross half businesses impact expanding when in more to margin basis to margins? Hi. the Good a our taking guidance in morning. assumptions you. there commentary, quarter, any With advertising, just contribution for coming higher-margin to there is like that's the mix between the the XX way given second for update general Thank stronger grocery? merchandise the it buckets your optimistic the mix

John David Rainey

gross expansion from of margin last were year. progress, of to point contributors contributor. not biggest the the take you of that really lapping markdowns I just biggest to we're the But we some away that the that's the as The some was had I would other single more is year-over-year terms my is count that impressive of in diversifying the higher-margin the expanding for these initiatives, or remarks, But advertising equally seeing and quarter. in as one mentioned perhaps prepared up advertiser XX% actually up the impressive or XX% in to quarter.

with to their shopping eyeballs if advertisers And where gaining going us are. want to then and share spend are are it money stands we're to customers the reason,

be to some about go us a stronger we're things margin. this, business other in and of So, the advertising, get and is in this we encouraged illustrates our better enables have tend that and initiatives and out, sort of it other flywheel that element to these of really higher marketplace,

Operator

proceed from of line Our next the Cowen. question. Oliver question with Chen with is TD Please your

Oliver Chen

planning Hi everybody traffic of you what's just about great you're be to correlate quarter? price highlights are and incorporated congrats Judith, guidance well. look we also on thinking assortment, some the conservative forward point holiday, practical, how as based often you ticket in what How next are can for could And in inventory had. as The quarter and to holiday.

And a So just good performance encouraging follow-up. you're that's seeing very there. that

with inventory management. great with your vision job a done networks, You've computer especially and own

thoughts AI Thank the interaction? Walmart+ you generative how and terms and and on the a have out context that you. about of are in called intersect You LLM. customer being What all may tech-enabled data your

Doug McMillon

got put Doug, take to to start I'll the EDLP living can Thanks have first. imagining and years winning to room it And a but world our try, driving get the personalize about better what effectively Oliver. we members an for really when there, And so and model we strategy This one and that in now data for really for to shape you I'm progress. is excited for we the while in still do few us. customers, business possible. We made still the that's question. working last can improve been because way, more work. what's we've that

to privacy. in know we us that for opportunity a are that to them, great who protecting a more a communicate anticipatory, in more be to healthy they way and There's relevant and while be way, shows

with to data, our it will on others, having cases large language work tremendous a the go lot models, think own and opportunity. member I unlock a large So using that use from customer presents of And models language side.

in associates prerecorded the comes also I with the As terrific. The mentioned supply area to third is mind. that is the opportunity chain remarks,

I for this try, will grow and us and opportunity work. that be really putting company time a by be more So, think, a technology top for an efficient line long as to to

John David Rainey

quarter, balance those these I'll the reason into take well, maybe CEOs. get inflation ticket of X%. on the from back would those that the assumptions the terms of and some year, call of I up, as that on roughly saw we a of question holiday, the higher second traffic, first start between two. in equal some part segment lap it, stand balance guidance on year, half between last before we It we - ticket our turn were But in both on the to of and your and pretty the

in as really see ticket. that by, in may the encouraged we're less we we noted, But little in strength quarter. the had units a We

here. pleased about And share that. again, we're So gaining

it resonating. I Consumers turn to With think comment, of is to on seasons. proposition just John. say holiday I'll not one So, compromising are the respect maybe some holiday, our the value

in their showing They're X And discerning. they're providing and But is that, the of July spend. to they around that being other team leaning spending, we've holidays buy. - into merchandise want our willingness choiceful some seen, that to we're a

John Furner

marketplace. been transaction eCommerce. in this of that and delivery count talked is a that They Pickup We're John for are and And terms the while what the mentioned saw in David. meaningful for - flexibility been we've also team. has We strong. And traffic have about customers. offer transaction proud of In-store growth. We we strong. the

there an having for So the customer. that's offering

want However, they is want to helping shop, us. whenever they shop to

are many The say strong, thing delivering. is that quite general is And the a whether responding. do merchants when choiceful. comes Frito-Lay are Justice the are I the They're we it's having it locations ensure The rollbacks year being certainly places important part about intentional. our the to XX-ish and in and are have buy, and leaning of would general merchandise, seeing across as the backpack customer. other nice rollbacks categories we done seen in or from they They're customers to merchandise are food, where an really rollbacks our job that what this thoughtful seasonally for of equation work business results in as last number to multi-pack a have is, the of right we

Operator

your question. question comes line next Our proceed with with Please Oppenheimer. from the Parikh Rupesh of

Rupesh Parikh

question. for thanks taking my and morning, Good

in business hoping get international the market. to more what go to in seeing to terms wanted in China I I specifically. you're So, the color of was

seem stand second seeing row, in for quarter to that the of results versus some consecutive your weaker macro out points China. in we're there Now the data out a

Judith McKenna

strong being in really the India, and able to markets now quarters and for one both David lot was had you. the businesses heard mean, quarter to international Yes. is which had of we're and the John convenience overall. that And those markets of we Doug the Hi. a that as from strong Walmex, offer. mentioned, China just both our growth. and Flipkart well. XX% along customer as with value I you close of both that of A driven And PhonePe, Thank had combination was stronger in

first China the back Turning to moved. which the actually specifically, speed for China quarter the this in got to struck years. What time me has was there when consumer I was I X.X really with

there. ranges and digital the our has two formats move So, It penetration to the extraordinary And in seeing. that been we're we online in business. have mid-XX%

are of to trust format Sam's format. is and positive provide. think reason back and and share. this to the the is formats have that what's that hypermarket we the And I value we're for traffic combination quality both have and gaining interesting have We able Club both that market And got

really new We had at strong a really clubs. XX great in a of Club, Sam's they're items clubs now quarter great again, couple opened combining and particular, we and China, have in got In seeing they're I And to China chance re-modeled trend very visit an of high-ticket too. in a value. new hypers, penetration interesting higher items our the of some hypermarkets. across version

couple the departments, impressed stores, through much assortment, there way the merchandise shopping made the transformation signage, talk in with really reduced in have customers hypers heard a only great which the also me brightened thoughtful helps increased was about not teams and and fresh freshened navigate but general You've simpler. that's times of I ongoing,

us have in I it which customers. I was are a see formats and after time. So, say there a think our that's long you fantastic leading the them of great in there, they win associates, segments and which And just are job, such helping to operate just doing will two both

Operator

Paul next Please Our of from question question. Citi. proceed is Lejuez the with line with your

Paul Lejuez

would grocery, guys. from thanks, in are current a just given food year thinking price share, Thanks. gain how Curious inflation as last And a relative the about expectations? changes market in promotional history? tool the landscape within further to you you to investment characterize and Hi, perspective how

John Furner

Paul, the It's a grocery dry ago, lower spend is pleased over something right, lot is Compared to and are are a in we market. happening the time value our Certainly, start and was. certainly, gaining We every about price inflation of with that major week. always value we're business rate where gaps We share. market, assure in today. The trading Monday what relatively talking we than other at year. is each is Price than going the that watch been would a the one of more course year are of and places on grocery it to what's topics. the stubborn the

in said a we I rollbacks are ago, that of have a moment food. number effective do As

It reminder general ago, a are effective year merchandise of people in but general last in. than a think food lot so inventory seasons and of rollbacks Our choiceful, which the a I backlog, were been year. had very that are lower clearing merchandise more than are the reflective in is count that is rollback higher that last we year

couple job getting across next into are tailgating people the to is we're country ensure have that that So, all the here and we're season. of for right holiday season in from school Day, we the our food colleges, coming weeks, back ready to up Labor

commodity increases I'd easy walk back cost of been working years. kind too, of all hard over suppliers have last that the to promotions doing and X I say, is solution work with felt versus inflation the to your the absorbed the

So there's in a tracking of work lot cost the just of transportation.

look that do by supplier And down, roll each with have proportion how that is to then as a at of the impacted cost back you that's what come working back. and

promotions. So in every a thinking have great the go I flow a And Sam's, time to do we how cost And do it decrease. to out think it They a team get big how know want board. the that's you I cowbell ring we about and think we on about member. versus

Operator

Stanley. of the Simeon is Gutman your next Morgan with Please Our from line with question question. proceed

Simeon Gutman

Shareholders', the could are or forward? and leverage this to realizing EBIT fixed better on term. advertising? about talk your in about congratulations, think Can dollar I inflection? growth. right Marketplace more on about compares cost, in and get year should to every easy where fiscal more last now. about we wanted to some 'XX, of take place Judith, inflection growth EBIT Assuming from what's My Can sales-driven what's lapping for is sort in needs everyone. as going is EBIT talked morning, how question we today, promotion, congratulations. it you what we we ramping, control growth dollar over healthy hone it At Good sales, we're medium than ask

John David Rainey

a the actually been the almost terms I'll and operating of income it, the victory at, a year lap grown call at that. done in than maybe X% And here. first half of we've operating better relationship income much bit of has good Because what the start line historically. with twice We've and sales. Sure, pretty Simeon. of top that's

encouraged gate sharing we're out well our Investor Meeting we're goals our in internally of the after very that April. executing So so right Community at

the see to a than a you're year, earnings we of is further of what As business. growing businesses really laid these out next rest much, we at going our our more strategy of data areas, advertising are we and like rate of these get ventures, faster is A lot the into continuation diversified higher-margin streams. that much

want margins our at up. go And so as just you look to the around math that,

efficiencies thing from supply is, the come The Simeon, chain. of, well are you're other that as aware our

are distribution you of served efficiencies today, XX% think so when of that an automated roughly on we stores our of gives like something that regional And And have XX% things per like us hour. about FC, centers. by units e-commerce upwards

the And the of so as continue we this to benefits our we're our network, of to out roll in P&L. automation going that see rest to

right perhaps the several sales able at and be appreciably now. it operating us is look faster out to optimism seeing You're grow And years over next conviction that faster to and a than sales. income as it rate gives we than

Doug McMillon

on. Simeon, just this add is Doug. I'll

it storage and playing automation that implementation productivity? threads, And a it of is questions that's the how are is going? David about. various relates automated John talked we've two how to think the of as work forms through these said the well, I that two systems you And multiyear retrieval to

components business not through U.S. going model. engine the changing? it that's growing business transformation. Walmart to the to I just then the And e-commerce how how that other one and reason the And wanted is and second the I'm is digital is it's for what's is total, model what's of that the point make And the advertising business percent that shape the pull-through that repeating is because the that

there, traveling coming and as week, to our the Gui from is relates few the to it's retail Chile, consistent across weeks, been company. very team omnichannel doing town in this I've in International life in what and commonality how had the are As Judith last Canada Mexico team it from that to

So I your the eye keep threads think are to two those on.

John David Rainey

at end you to at terms going in look we're beginning the you Simeon, on that. to implied XX-month and basis, at to question, of what's material guidance, the trailing that's our want uptick more what this frame return we fairly But an about year. we our a didn't talk to And than see on ROI the there. You of look expected if get the take investment. opportunity year of I When

some We in the of ROI actually would thereafter. that year of the - and improvements some come years would anticipated next be

pulling actually that year. benefits some We are of forward next we expected those

to some so see this going we're And year. of that

Operator

Our is question. with BMO Kelly the proceed Bania of your next from Capital Please question with line Markets.

Kelly Bania

e-commerce and mix delivery. expectations ask taking and XP it and to and greater the how, market there big as better to think about and related term merchandise food and if about if advertising, XP general implies of of to that, our a for just also opportunity discretionary as is at And the all, thanks comp. the us I side? growing gains guess, you relates sense as on could advertising of long relative how e-commerce profitability is you give a that's pickup profitability? to to impacting Or just XX%, some a by Wanted your consumables have morning, similar was led of I Marketplace curious well, on but And Good share think, Judith. your growth, ramping congrats pretty questions retirement I is it

Doug McMillon

e-commerce about Hi, talked a to the step and the make credit at everyone mile. the store then middle performance. is the do locations, with enable for the inventory really conference what investor we And our first question. what a that. I And possible to supply mile, we addition entire and When do just we're the with centers, that at would talk back ultimately One, and remind our as the the pickup deserves take specifically, in us locations densify about for and I as in happy thanks XX% X,XXX lot mile of team think efficient trying last shorten to fulfillment our improvements chain business, over the delivery Kelly, enabled growth.

year because with of efficiency. more and come is to and where so or over is customer what's So the from helps the stores e-commerce us last business inventory deliveries closest have that's our happened the

the that frame number total. and what way we the of what is delivered. So look at transactions and a internally was the they up this that, The in we they it's of what picked to measure bought part important as store, and customers

question, really the part pleased second your The Marketplace. in with progress of

marker of Our in possible. Plus good terms a what's event us for was

With the or sellers. find for a merchandise. of categories, they're majority a I'm that general And driven value. at And customers participated the helped customers by Marketplace to time was sellers Marketplace, and us find looking event all when thankful revenue including from who our was helped our value that across

merchandise. In much the fact, was of general event

the team has think Marketplace I So positioned the well.

the to site. our buyers, sellers the accretive the opportunities And that's and are part We connects opportunities for in that advertising, way grow in suppliers in terms customer a of name stores sellers. on Walmart of second want Connect, ensure to suppliers. are there the for Walmart There experiment customers with to question Connect, and learn, experience. all and our We'll your continue to

that this than sure in help together, connect to customers are want great. saw business finding And the the people if growth. our that's they make that want quarter. happen And we And We was can higher it. what e-commerce want they growth when

Judith McKenna

the about see to continue line performed talking I'm the strength-to-strength. We positive Flipkart talk continuing not we're be to is consistently then quite growth expectations over in be really would e-commerce margins really from particularly years. were our that that with healthy. we've as to If their is And there. few It's Marketplace, remiss and about of go me seen and the last it mix just recently. business business there well and pleased contribution

across particularly electronics mobile well. in and strength as seeing So hardlines,

business also also their to of advertising well. to is helping but the not revenues ecosystem their only overall contribute scaling The

as back as Myntra, well convenience quite David recently people, India, capability incredible. Cleartrip mentioned in coming this as which fashion they largest interesting, to the which packages of in a which is holidays launched well. incredibly So of just well, are luxury of retailer they've and MyFashion launched theme online John India, business, going their GPT is well, quality as in

the a T-shirt, sunglasses jacket morning. England, black to for to rather and What the But And And used in, sunglasses, to to wear airport. think me, which And Black think airport. the you power I and using put gen go a they I this It's to life it was me, can it's gave be the England. I associated I to able To leggings, the five they optimistic years. gave business, just AIs to great the in shows of with coming proud it in what be really be for future. last And India. do it

Operator

Please your the Our is Edward next with of Sandler. question proceed Yruma with from line question Piper

Edward Yruma

the taking Hi, Thanks for good question. morning.

at have lot guys Walmart+. done You enhance to the accessibility a

You've pivot success of of most? the new you guess, back then data program, of the added the I sit the and kind the in a And as ton of what's terms features. assess turned dial you're and the of Walmart+ able stuff you of to been customers? flow on you're that kind now based some from of the these Thanks. business collect, change collecting able have where to

Doug McMillon

inventory on overall. offer. a to had deliveries that with Plus in have had those Hi, before, Plus to the I very the would want that with of the a we offer possible, Edward. part Certainly, We established issues The pull back the imbalances. about talked as And limit the launched an relationship we And charge of availability. and this digital of more have. XXXX, offer get fulfillment at many the to success number is with deliveries the customers having without core as had reason as has pleased both we've we've centers the people growth certainly point from stores. was important

something But order the in they stores improvements perfect first that very in focus was there were call which we measure where is the delivered substitution. core, order time to intentionally what very for so, we rate, every percent it. been measure picking the order. of be we The before and or what the have the we focused do And thing pick is then another first-time any year the on call the continues last week are look

ourselves There looking are benefits exactly a is way what the that benefits. thing be to But Certainly, So is core the offer of helpful. the accountable. that for we going have what important is variety that's the the they it to are the And are time they features different it most customers using. that to And other ordered at expected are we execute hold people forward. of important have delivered.

Operator

line your with Barclays. Sigman the is Seth question. Please Our next from of proceed with question

Seth Sigman

to proposition Hi, Walmart good morning, today. the follow I that everyone. up wanted value on offers

do seems the So into you have think you or you one maybe share past? lot differently private managing than plays some factors is environment a helping that. sustainable momentum and inflation in private where do of is moderates that's then here gap advantage market drive to in from label perspective basket-level even of decline? likely are label here. And think on How how the that competitive an you. ultimately, a the Thank this prices Love perspective? And more that

Doug McMillon

is then that the that's part be We for any customer, It's before. important broad have for particular to a business there of We've situation assortment percentages a for to the over this want country, customers. section And the be we don't grow all about private of. different expect range to are situations customers, whatever for us a for. or wide of of where what or different we set targets label talked to

the on last have It's e-commerce important Walmart that branded have quality quarters, across and at private It's customers the pace. portfolio on And at values important we the values few in accelerated brands we brands, chosen in have items. stores. an and that

for quality be, lot price our needs But repeat. reasons to that. are then it the were that there a of think in if and position wouldn't I they

stay to quality and focused value So there. we'll continue on

Kathryn McLay

products Member's our Mark item, the combination. and Yes. And innovation members I seeing they Mark the price/quality have the Member's get And also value we of we're money out value for quality our because and that think around perspective, and seen choose improve. from has it continued because because to quality, great NPS a of metrics into those of the of Mark, Member's

Doug McMillon

brands, Great Mark. leverage whether Member's seeing or across Value We're too, markets it's private with

Judith McKenna

international the world showing items know which phenomenal private Yes, you from are globally, in Member's have many are is growth, which of they Doug, course, which a our the were available incredible is but world, around Chile the many brands, of as also recently, I rest foods Walmart around of world. Sam's imported and the And well. other Clubs in from Market, aisle,

Doug McMillon

love ketchup Great When on fan item I I'm that's out me was it, potato sure but one a not I'm in tomato I'm that. Canada, But chips. - Value that they that's Canadians made not brand private of.

John David Rainey

You us that. of made some eat

Doug McMillon

liked David I than did. better John him

Operator

line of The next Tarlowe Corey question. Jefferies. from the question is proceed Please with your

Corey Tarlowe

think throughout it And as what thinking how we just And shrink? you're what we could perhaps internationally And you that and quarter? the secondarily, a particular and as thank the quarter just taking you morning about health was good and for the if assess in the are customer overall my to step back also into then this the you are general of remainder take I customer on health the Hi, the question. expecting U.S. first year? of shrink, second wondering about versus relates the of and ahead seeing dynamic? maybe

Doug McMillon

if to on where get and is things value do customer things for do I can on enterprise get tougher, in the they're top the an feel that to member and and From Hopefully, able view, of point just grow going one to be like our others look we're better. going that, line. position first, chime increasingly

see employment - the there And you as time. potentially to And there be over other happened. that that's wage There data weaken a but to reasons same are data sheets the conflicting areas consumer of optimistic reasons be balance do. and we lot inflation like guys points, are are in concerned

product breadth its like But curbside to of a terms want club. We people, whether the again, in terms position. the sell buy. or our whatever it delivery can way of people it's or we serve in like can in of its we We store categories we like it

we assortment, win grow share Mexico is trust. that's whether and and in, we the States, which or United just in that. ourselves job our prop, need customer against that position experience And is value to So through put the the to price, our execute that's to

from domestic of variety got got view, more John, shrink, can comment a countries. Sam's a And On I'd of but too, than retailer. you got we're XX businesses. We've point a remind Club. everybody, total enterprise we've We've just

the answer in of some shrink. same necessarily maybe it's others of the so, not the And that are news our as

John David Rainey

an first pricing And we for of make that of to but are I'd add to able Doug, margin, parts customers. that, want we're deliver important is, course, part low the there is to that And of be sure shrink as important as possible. many are margin

So in year. the find. can country. they customers find increased last has the It's greatest value bit uneven that Shrink every year. across It's possibly this not increased market. It a

markets than Some others. higher are

cost the But we that supply tailwinds we earlier, year. and do have mentioned chain markdowns are of from which last

it the margin value, in job the a we're the part doing to job managing a but is managing So rise, We with watching to don't up, want go and it of it. into and what a keep obviously, and because market, lot components heard team nice team we've total. is cause We'll doing it go this. that could is across prices the nice

Doug McMillon

do be it. crime, there Shrink theft. thing. jurisdictions including U.S., That's of needs help one is than more people of some action from in the taken protect that to here to we comprised part think in And

The other is a more focused as we Shrink of and priority. part controllable, stay that on

Operator

with question is Katai your Bank. next Krisztina proceed line Our Please Deutsche from with the of question.

Krisztina Katai

have Judith Sam's morning. my on I'll Hi. Thanks our to as congratulations a Club. question. for And well. I add taking Good question

I the the single-digit think growth you heard in within quarter. member I say

inflation? of talk penetration is membership ask the in well you as and about face for how could label gains And you have that as the I the think membership business that just can consumer in momentum rate? you So moderating food the the increasing. on then seeing value about still renewal the if your private secondly, And been

you Thank are play how to back national the versus as brands increasing? year anticipating your generally Just private your volumes you. between of in are brands out half the rollbacks

Kathryn McLay

to over If the about member and absolute I growth our in start member seen is continue - membership numbers. see base last in just we historic years, We've the few talking health. growth

rate an or increase did we decrease Club to at so Sam's held it ways are quarter-to-quarter. of renewal continuing And to membership. held, value it from introduce to tenured the Our look different our people

things. try couple seen a of us And so, years, the different over you've

On just experience to member Really, year the like, into going an in, birthday, our members. then we XXth we want membership invite had looks for price for a great them a themselves to value people new opportunity tenured that's turn of and forward. renewal to

that feel strong health of seen. about we've our and we the growth membership So, the

John Furner

on results business. growth successful - And last Walmart have our event, did we few but a really really good plus consistent all quarters, across the membership,

that general thing and their able we deliver, perfect I As is and includes food, offer deliver fill core the and or merchandise consistently trust to important to time. order availability. the on the be most that Customers us consumables and of said items earlier, rates

We XXXX. the brand to of targets question choose, also brand I regardless the the of brands private of would consistency a we've whether private talked on since really focused customers private volume, we quality brands. value. a item item want on that. what We on Again, don't they couple branded and there about quarters, just for have it's or be and private On stay beginning repeat on last over growth of

cases, of value it's a rollback growth, a that great we on staple great mustard, some It's in today, like really would see and in well. seen has offer. a if you're values store working And that you really because

we grocery and want back is dry important we to getting the lead consumer, any to and them, So help down, way that in prices be able can. and for that

John David Rainey

I because indication If We on margin but it that driver not private is I now, can a right is say discussed of gives think pressured the other just on good performance. being consumer thing one how brand. our that a

the be at composition in private bit only talking look on margin you profit overall brand higher, may about the is little the the points. XX basis a dollar same. While shift And we're if year-over-year,

of results. driver a not financial is this our So

So, have on going not our if we see business. to a outsized reversion it's any impact there,

Operator

you. Thank

UBS. line final Michael from question Please Our question. with comes the with Lasser your of proceed

Michael Lasser

fair, that in so visibility into than its margin eCommerce rate given is investments and the profits, some been a is business, the alternative of it gain? memory, Good GLP-X and next that drugs profitability of as take that recent opportunity that and is less morning. working the you our to Walmart more it down presumably question. think double gross an clearly better. to the heading have inflection Thanks the from year Doug, in prospect taking if this for fair contribution into you. Thank translating from has merchandise to general the drag has do of share And much accelerate

Doug McMillon

didn't it as Hi, question. see been didn't States. the United be coming, anticipate - Michael. the high for inflation and COVID has in we as to We Thanks

what you be position the about what right answer this now, if could got to it. that able So, some shape we're in I year, your with anticipating and tell me think underlying we next your not not kind of has is, that I know to inventory were we we're months question might truth XX premise ago

down, doubling As we to think it aggressive. are relates being I

to five cycle. point We of about this a are a opportunities years, cool next drive our sees to we currently at in a get invest next week. look XXXX that planning excited it opportunities company be and returns. strong long-range it. part the It And and as going we to through earlier that meeting year our over started isn't John made at David the we look that board, in

for future, With help that. have this really you in. today's business to the us through agree investments opportunities create cash another it's transform front the for of and and a the operational have to and I of excellence have spot with strong business in to Like productivity, to business, example. level that flow contemporize cool be To

got I plan. talked conference our the about think at an we've investor So We plan. aggressive capital

and invest opportunities top, grow to to to continue we see And bottom line.

the happen in business We may at investor grows case, sales. the to time, But that as expect over that than up productivity operating be ROI income we over model said expect we every quarter, because shape. go faster to conference, not the time. It of

just I'll there. we So, what repeat said

I environment. think And given appropriately excited being the we're about aggressive that. I'm

John David Rainey

stocks, the just diversify, Yes. reduces you view I of risk. like portfolio would you add, because Michael, it a just

business. streams that, sort that, happening I that, what's solely other brick-and-mortar one same think not the our also with the diversification retail. dependency we're our we've reduces any just some reduces upon ways, dependent in too. Like risk definition, with the got of of by income We're and doing around on thing thing,

outlook. So, pretty we our about good feel

Doug McMillon

Just comment strategy. maybe one on more

are and go the know what challenge pretty across full-time this a think it's It's fronts. of true to it's work run this common, it's are. business, a last year's that, work we it's lots and eCommerce to excellent we and but to the multiple As And execute to degree mean I and components components around through to clubs. grow full-time got a there world. stores great an to And was large happen I cycle, year, also

we've talent it. got got But And to resources. the importantly, we've the do

front so, aspect strategy We think plan and we of And the of consistent, we're and of the builds shape where-to-play I of in that's right mode, pretty - that in us. just like the board that execution kind looks confidence. our

Operator

reached end for Thank the the you. And McMillon the I'll question-and-answer now closing remarks. to call We've turn session. of Doug over

Doug McMillon

to that expect, United you company for has stepped forward the flying merchandise The providing as Maui. financial We're Before I and with Red I happened tragedy essentials want Hawaii would we're wrap in things supplies. providing acknowledge the support in Way Cross, just up, there.

done people We're the job. a on has bulking up our what need. on team And ground fantastic

manager And Our there a That we're Chris community and his terrible them is of to, tragedy. was there, supported you and expect team Chris them. the proud Pierce. really as store would have

wrap focus I you we mean I'll on up, as our thank for business. your

what's front in ago, us. about really As we I mentioned just excited of are a second

is. business through know result I positioned what about the faster we're to of the top model grow delivering which in and return than shaping productivity, grow think on can we excited the will higher time, sales differently, investment, you We're line. levels profit that. and Over plan

and Kath excited going. she's and Thank I'm I for thank around and little what a and got deep some want It's company. significant, to keep to for everyone grateful for you for her. all sticking this contributed to to and I'm going been Chris Judith really help what a while Karen. time. we'll with Walmart's did your for bench, this things, And miss to Thankful, quarter. And she's we're

Operator

conference. today's concludes This

disconnect Thank your at your time. participation. may you this lines You for

Walmart (WMT) 17 Aug 232024 Q2 Earnings call transcript