WMT - Walmart Inc. (WMT) Bank of America London Investor Conference (Transcript)
2024-06-25 09:34:09 ET
Walmart Inc. (WMT)
Bank of America London Investor Conference
June 25, 2024 06:00 AM ET
Company Participants
John David Rainey - EVP & CFO
Conference Call Participants
Robert Ohmes - Bank of America
Presentation
Robert Ohmes
I'm Robby Ohmes of BofA Global Research. We are just really pleased to have Walmart here with us today, including John David Rainey, the CFO of Walmart; as well as Steph Wissink, from Investor Relations; and also Kary Brunner from Investor Relations. Walmart, as I think everybody here knows, has executed incredibly well over the last, call it, four to five years, transforming itself into an omnichannel leader on a global basis.
So I'm going to maybe start going to John David and saying everybody always wants to know, how are consumers feeling generally out there? Any changes in behavior and how should we think about things like trade-down and all those things that everybody cares about?
John David Rainey
Sure. Happy to address that, Robby. And thanks all of you for joining us, and thanks for hosting this, Robby. It's a pleasure to have the opportunity to speak about Walmart today. And no surprise, consumer or health of the consumer is the first question. We keep wanting to be able to say something different, but it's just been very consistent. And we've talked about this for several quarters now. The consumer is being choiceful. There -- we see a shift from general merchandise to food as wallets have become more stretched. The price levels, obviously, had some impact of that. But just focusing on year-over-year price changes, general merchandise is still deflationary, a couple of percentage points deflationary. Consumables, call it, roughly flat, and food is up modestly.
In the last quarter, the overall basket that we sold was up 40 basis points. I think it's been that way for the last two quarters. If you look at our revenue growth, though, it's almost entirely driven by units versus price. And we've really been -- we knew that going into the year. This was going to be a big focus for us, and we're seeing customers respond. We continue to gain share. Part of that is because of the value that we provide. But I think a big part of it that is maybe not appreciated quite as much as it has been historically is convenience. For us, we are -- we've really upped our game in terms of what we're doing in our eCommerce offering and our ability to fulfill that as customers demand. So we're pleased with that.
Question-and-Answer Session
Q - Robert Ohmes
And maybe following on that, how does this idea of Walmart being as big in convenience now as well as price? How does that change the merchandising strategy at Walmart?...
Walmart Inc. (WMT) Bank of America London Investor Conference (Transcript)