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Walmart 2019 AR 2019 Annual Report the of Retail WAL-074_Walmart 2019AR_v27.0_Revise_1.indd 1 4/8/19 3:08 PM Uniquely We’re building an ecosystem on a global scale. Our unique set of assets and strong financial position mean we can grow our business and expand our capabilities to deliver solutions for customers. WAL-074_Walmart 2019AR_v27.0_Revise_1.indd 2 4/8/19 3:08 PM CEO Letter to Shareholders Sam Walton showed us the way. He gave us a clear purpose and four timeless values. At Walmart, we save people money and help them live better — and we do it by serving others, striving for excellence, respecting everyone and acting with integrity. Doug McMillon, Chief Executive Officer Clear and constant. • Outside our stores, customers can pull into a pickup spot, have their personal shoppers put their order in their trunk You know what else is constant at Walmart? Change. As I and off they go. eCommerce has finally come to the food visit with our associates all over the world and ask, “Other business and in a big way. than our purpose and values, the only thing that’s constant at Walmart is …” and they respond: “Change!” It’s a powerful • We’re putting technology to work with an autonomous mindset, and our people have it. scanner that checks our sidecounters to help us improve in-stock levels, and an autonomous floor cleaner that These past five years in this role have passed quickly, and it carries a camera to gather data on our product features has been an exciting time to be at Walmart. Looking back, to share with a FAST Unloader system in the back room I’m not sure I could have imagined some of the things we’re that prioritizes items for restocking. doing in our business today but, at the same time, it feels like we’re just getting started. • Our Sam’s Clubs are becoming more digital. With our Scan & Go app, customers bypass the checkout line and Our customers and Sam’s Club members are being served by pay for items on their mobile device, and now we’re testing associates who are better equipped to create new ways of computer vision instead of barcodes to make the process shopping and put today’s technology to work. Our goal is to even faster. Our new Membership Express can cut the make it easy, fast, friendly and fun to shop with us. Consider: time it takes to sign up from eight minutes to fewer than 60 seconds. • A busy mom can shop on our app or get through the store faster by finding the items on her list, thanks to the The ways we can use technology today and in the future map feature on her Walmart app. She can make purchases are exciting, but our business is still a people business. with Walmart Pay and go digital to skip the pharmacy line We are people-led and tech-empowered, and that makes and pick up a prescription. investing in our associates a strategic priority. On any given 2019 ANNUAL REPORT | 1 WAL-074_Walmart 2019AR_v27.0_Revise_1.indd 1 4/8/19 3:08 PM CEO Letter 1. Leadership — You can’t push a rope, but you can pull it. In other words, sometimes you just can’t lead from behind. You can’t muscle or push things along. As a leader during transformation, you have to be out in front — show that you want to learn, be curious, introduce new ideas, ask questions. Our people are talented, competitive and have a sense of urgency. When they hear about a better way of doing things, they engage, learn and act. 2. Risk — There is no growth without change, and there is no meaningful change without risk. So, get comfortable with an intelligent level of risk. Otherwise, the law of diminishing returns sets in as always doing the same things the same way takes over. We invested substantially in wages, associate education, pricing and eCommerce. We acquired Flipkart, Jet and others, and we partnered with global technology companies in places like China and Japan. We don’t know what Sam would have done in these moments, but we know he would have been adapting — and he would have been aggressive. We’re drawing on that legacy today and tapping into that DNA. 3. Time Horizon — We’re playing the long game. Our priority is to position our company for long-term success. History has shown us that companies that focused too much on the short term were doomed to fail. Managing our business on a daily basis is important, but our most important strategic decisions are made in light of what we want our company to become for the next generation. 4. Our Associates — People will surprise you. Several times a week I see or hear about something creative our associates have done. It’s inspiring to see their ingenuity and pace. Around the world, Walmart associates feel more comfortable taking risk. They’re launching minimum viable products to test and learn from. These have enough function to satisfy early adopters, whose feedback informs future design. Result: We go from Product 1.0 to Product 2.0 a lot faster. This is a powerful unlock. We’ve always said that our people make the difference. We’re certainly seeing that today. day, our associates may be attending one of our new training academies in the U.S. or entering our new fast-track leadership 5. Trust — It’s a challenge to have the broader world know the program for Walmart International. They may be benefitting Walmart we know. As we strive to make our company better, from our expanded parental-leave policies or beginning their we will also look for ways to build trust by communicating careers at Walmart with a starting wage 50 percent higher the good work our people are doing and its impact. Included than it was four years ago. And they may be extending their is the work we are doing to strengthen our culture of education with a $1-a-day college degree through our Live integrity and improve our compliance talent, processes and Better U program. We’ve made a lot of changes with respect systems. In our supply chain, we are eliminating waste, to opportunities for our associates, and there’s more to come. using more renewable energy, reducing carbon emissions and making our items and the packages they come in No doubt the pace of change continues to increase. Recently, healthier and more sustainable. Of course we aren’t I was visiting with a group of students, many of whom are perfect. We make mistakes. But, if the world could see joining our company, and one of them asked me what I had all of the hard-working, well-intentioned people inside learned during my five years in this position. Surprises? our company who are making things better in their Revelations? It’s a good question, and I’ve been giving it some communities and in the world, I’m convinced they thought. These five lessons came to the top of the list: would be moved by it all. I am. 2 | WALMART WAL-074_Walmart 2019AR_v27.0_Revise_1.indd 2 4/8/19 3:08 PM CEO Letter The progress we’re making is reflected in our results. Last fiscal year, we increased total revenue by 3 percent to $514.4 billion, and we generated $27.8 billion in operating cash flow. Breaking it down, Walmart U.S. grew comp sales Accelerating Growth 3.6 percent, excluding fuel — the highest annual growth rate in a decade — and eCommerce sales increased 40 percent, nearly doubling the sales of that business over the past two January years. And momentum continued at Sam’s Club with comp Increased U.S. wages sales growth of 3.8 percent, excluding fuel. Walmart International posted positive comps in eight of our February markets, including the four major markets, as we also see Acquired VR our digital transformation and innovations taking hold studio Spatialand outside the U.S. In Mexico, many of our customers don’t have bank accounts, March so the team there launched a new app called Cashi that acts Project Gigaton as a digital bank account. At our stores, customers exchange launched in China cash for an electronic deposit onto their mobile device then use the app to shop in the store, online, and even to pay April their other bills. Introduced new Walmart.com site In many parts of China, same-day delivery really means same-hour delivery. To meet that demand, we invested in a crowd-sourced delivery platform, and now customers in some May Walmart’s largest investment locations can receive their merchandise within an hour of in history announced with placing the order. We are also making good progress on Flipkart in India omnichannel initiatives in places like Canada and in Japan where we are partnering with eCommerce leader Rakuten June to offer grocery delivery. Announced the majority sale of Walmart Brazil India has 1.3 billion people and an economy approaching $3 trillion, yet its eCommerce business is less than 3 percent. With our acquisition of Flipkart, we have positioned ourselves July for growth in one of the top three markets in the world. Established partnership with Microsoft We are deliberate about where and how we operate. For example, we finalized the majority sale of the business in Brazil, and we continue to explore ways to best serve our August customers around the world. Walmart Mexico launched Walmart Cashi This is a period of significant change at Walmart.
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