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Walmart Global Q3+Q4 2016 Results And Walmart Global 2H, FY 2016 Results and 2017+ Expectations Kantar Retail Research Team March 2017 Copyright © 2017 Kantar Retail. All Rights Reserved. 501 Boylston St., Suite 6101, Boston, MA 02116 T: +1 (617) 912 2828 [email protected] No part of this material may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photography, recording, or any information storage and retrieval system now known or to be invented, without the express written permission of Kantar Retail. The printing of any copies for backup is also strictly prohibited. Disclaimers The analyses and conclusions presented in this seminar represent the opinions of Kantar Retail. The views expressed do not necessarily reflect the views of the management of the retailer(s) under discussion. This seminar is not endorsed or otherwise supported by the management of any of the companies covered during the course of the workshop or within the following slides. 2 Overview 3 1 Overview 2 Looking Ahead to 2017+ 3 United States 4 Latin America 5 Asia 6 Appendix Overview 4 Greg Penner Walmart Inc. Chairman Doug McMillon President & CEO Org chart Walmart Stores, Inc. Jacqui Canney Jeff Gearhart Dan Bartlett Greg Foran John Brett Biggs Marc Lore David Cheesewright EVP, Global EVP, Corp. Secretary EVP, Corp. Affairs President & CEO Furner EVP & CFO President & CEO, President & CEO People Division & General Counsel & Gov. Relations Walmart US Walmart U.S. President Walmart International Stores eCommerce & CEO Karen Roberts Sam’s Steven Whaley General Counsel Club Kathleen SVP, Controller Jay Jorgensen McLaughlin Chief Sustainability Global Chief Lori Flees Officer & President, Compliance Officer SVP, Corporate Walmart Foundation Scott Hilton Strategy Daniel Trujillo Tony Jeremy Clay Judith McKenna SVP, Chief Chief Compliance Steve Bratspies Rogers King Johnson, EVP, Chief EVP, U.S. Revenue Officer, Laura Phillips Officer, Wmt Int’l EVP, Chief Merch Chief Enterprise Claire Babineaux- Technology eCommerce SVP, Operating Officer Officer Marketing Fontenot Officer and Chief Sustainability Officer SVP, Treasurer Global Seth Beal Information Julie Murphy Charles Redfield Platforms EVP, Incubation Officer EVP, Neighborhood EVP, Food Markets and Strategic Carol Schumacher Partnerships VP, Investor Relations Chris Sultemeier Andy Barron EVP, Logistics, Supply EVP Softlines, Chain General Merch Nate Faust SVP, U.S. Mark Ibbotson Scott Huff eCommerce EVP, Central EVP, Consumables, H&W, Supply Chain TBD Operations and US Manufacturing EVP, Merchandising Jamie Iannone Mike Moore George Reidl Operations President & CEO EVP, Supercenters SVP, President H&W Samsclub.com Source: Kantar Retail analysis, research, Walmart reports (as of January 2017) 5 6 Walmart International: Shuffles Outside of Latin America Clay Johnson, David Cheesewright Enterprise Chief Information President & CEO Officer Walmart International Scott Price Enrique Ostalé Dirk Van Den Berghe Richard Mayfield TBD EVP & Chief Administrative President & CEO President EVP & Chief Financial Officer, President & CEO Officer, Walmart Latin America, Africa, Walmart Asia Walmart International UK & Canada Walmart International and India Replaced Sean Clarke Sean Clarke moved and moved Horacio Barbeito from China on July Dirk Van Den Berghe Guilherme Loureiro Krish Iyer Sean Clarke President & CEO President & CEO 11, replacing Andy from China President & CEO President & CEO President & CEO Walmart China Chile Clarke Aug. 22 Walmex-Centro America Walmart India Asda Walmart UK Takeshi Kamigouchi Iyer and Hayward report to Ostalé as of February 2016 Lee Tappenden President & CEO President & CEO Walmart Japan/Seiyu Canada Guy Hayward Agustín Beccar Varela Flavio Cotini President & CEO General Manager President & CEO Replaced Dirk Van Den Berghe Walmart RSA/ Massmart Argentina Brazil when he moved to China on Aug. 22 Note: Modified August 2016 Change within <1 year Source: Kantar Retail research and analysis; Walmart reports Walmart’s Global Retail Presence in 28 Countries 11,573 total units United Kingdom: 631 Canada: 391 Canada: 410 China: 439 Walmart US: 4,672 Sam’s Club: 660 Japan: 341 India: Mexico: 2,411 20 India: 20 Central America: 721 Costa Rica (234) Guatemala (220) El Salvador (90) Honduras (95) Brazil: 498 Nicaragua (92) Africa: 412 Chile: 363 South Africa (373) Namibia (4) Botswana (11) Nigeria (5) Argentina: 107 Ghana (1) Swaziland (1) Kenya (1) Tanzania (1) Lesotho (3) Uganda (1) 100% Walmart ownership Malawi (2) Zambia (4) Walmart majority ownership in a publicly traded company Mozambique (5) Note: As reported January 31, 2017 Source: Kantar Retail research and analysis; Walmart reports 7 Walmart Global Q3 Financial Results Jet.com acquisition and JD.com partnership are signs of Walmart’s commitment to eCommerce Walmart Inc. had a solid third quarter, with sales and comps positive on a constant currency basis across all markets except the U.K. Total sales grew 0.5% (or 2.3% on a constant currency) to USD117.2 billion (USD119.3 constant currency). Global eCommerce sales and GMV increased 20.6% and 16.8%, respectively. The company’s investment into wages and technology pulled operating income down 10.4% (or -7.9% on constant currency). During the quarter, Walmart finalized its acquisition of Jet.com, with its founder joining Walmart to head eCommerce in the U.S. The company also divested its Chilean malls and its Mexican Suburbia banner. Total Walmart Sales Q3 (USD Millions) Total Walmart Operating Income Q3 (USD Millions) Walmart US Sam's Club Walmart International Walmart US Sam's Club Walmart International +1.2% -4.8% $28,390 $1,354 +2.5% $13,449 $454 $74,550 +7.8% $3,999 +0.4% -11.3% Outside % indicates year-over-year Δ in sales or operating income for segment. All financials use reported and not constant currency. “We had a solid third quarter. Our ecommerce growth accelerated, operations in the U.S. continued to strengthen and international delivered another solid performance.” – Doug McMillon, Walmart Stores, Inc. CEO, November 2016 Source: Company documents; Kantar Retail research and analysis 8 Q3 International Results – Strength of Core Markets of Canada, Mexico, and China Brazil showed solid double-digit sales growth though UK is still in turnaround mode Source: Company documents; Kantar Retail research and analysis 9 Walmart Global Q4 Financial Results Extremely strong US segment results dovetail with continued growth in Sam’s and International Walmart ended the year with very strong performance. Sales for the total company grew 0.8% to USD129.8 billion (or 2.9% and USD132.4 billion on a constant currency, respectively). Global eCommerce sales grew 15.5% and GMV grew 17.5% on a constant currency basis. As with previous quarters during the year, operating income was negatively impacted by labor and technology investments, further compounded by the USD390 million cost for discontinued real estate projects and severance in the U.S. Inventory continued to grow slower than sales. Total Walmart Sales Q4 (USD Millions) Total Walmart Operating Income Q4 (USD Millions) Walmart US Sam's Club Walmart International Walmart US Sam's Club Walmart International -8.9% -5.1% $31,025 $1,513 +2.8% -8.5% $390 $13,449 $83,747 $4,995 +0.4% -2.5% Outside % indicates year-over-year Δ in sales or operating income for segment. All financials use reported and not constant currency. “We’re moving with speed to better serve our customers every day and progressing against our four key objectives.” – Doug McMillon, Walmart Stores, Inc. CEO, February 2017 Source: Company documents; Kantar Retail research and analysis 10 Q4 International Results - Walmex and Canada Show Their “Core” Strength Even as UK is focused on turning things around and China continues to develop “Our international business again delivered solid sales growth in constant currency last quarter.” - David Cheesewright, CEO Walmart International, February 2017 Source: Company documents; Kantar Retail research and analysis 11 Walmart Global Full Year 2016 Financial Results Strong performance as company focuses on core operations and capabilities In 2016, Walmart was able to grow total sales 0.6% (2.9% constant currency), reaching $481.3 billion. eCommerce sales increased 15.5% on a constant currency basis, even as GMV accelerated 17.5% (or 29.7% excluding Yihaodian). However, operating income declined due to canceled real estate projects and associated severance in the U.S. Inventory management was disciplined as it grew slower than sales. Total Walmart Sales (USD Millions) Total Walmart Operating Income (USD Millions) Walmart US Sam's Club Walmart International Walmart US Sam's Club Walmart International -7.7% -5.9% $5,758 $116,119 +3.2% -8.2% $1,671 $57,365 $17,745 0.9% $307,833 -7.0% Outside % indicates year-over-year Δ in sales or operating income for segment. All financials use reported and not constant currency. “We expect the underlying stores business, in most parts of the world, to continue to deliver solid top line results along with increased growth in our e-commerce business.” – Brett Biggs, Walmart Inc. CFO, February 2017 Source: Company documents; Kantar Retail research and analysis 12 2016 Sales, Stores, Operating Margin International contributing smaller share than previous years to sales, operating income from exchange rates Stores 46% 12% 35% 7% EMEA & US Total Latin America Asia Canada Sales 75% 11% 10% 3% EMEA & Latin US Total Asia Canada America Operating Income 77% 23% International US Total Total Source: Kantar Retail research and analysis 13 Food Pricing Will Impact Spending Unevenly Across Markets Food prices are soaring in Brazil and South Africa, even as it deflates in other markets Food Price Inflation Year-to-Year Percent Change, 2016 YTD Through October Source: OECD, government sources, Kantar Retail analysis 14 Looking Ahead to 2017+ 15 Walmart Refines Its Strategy for Future Growth Acknowledging growth will come from eCommerce and same store sales Walmart will continue to manage its global holdings from a portfolio perspective, with an emphasis on its core focus markets in North America – the U.S., Canada, and Mexico.
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