Q4 2024 Walmart Inc Earnings Call
Greetings. Welcome to Walmart's fourth quarter fiscal year 2024 earnings conference call.
At this time, all participants are in listen-only mode.
The question and answer session will follow the formal presentation.
If anyone should require operator assistance during today's call, please press star zero from your telephone keypad.
Greetings welcome to Walmart's fourth quarter fiscal year 2024 earnings conference call.
Operator: Welcome to Walmart's fourth quarter fiscal year 2024 earnings. At this time, all participants are in listen-only mode.
Please note, this conference is being recorded.
This time, all participants are in listen only mode.
At this time, I'll now turn the conference over to Steph Wessink, Senior Vice President of Investor Relations. Steph, you may now begin.
Operator: Your question and answer session will follow the formal presentation. If anyone should require operator assistance during today's call, please press star zero from your telephone keypad. Please note, this conference is being recorded. At this time, I'll now turn the conference over to Steph Wissink, Senior Vice President of Investor Relations. Success. You may now begin. Thank you and welcome, everyone.
A question and answer session will follow the formal presentation.
If anyone should require operator assistance during todays call. Please press star zero from your telephone keypad.
Thank you and welcome everyone. The format of today's call will follow prior quarters.
Please note this conference is being recorded.
First, our CEO , Doug McMillan, will share his reflections on the quarter and year.
At this time I'll now turn the conference over to Steph Wissink Senior Vice President of Investor Relations stuff you may now begin.
Then our CFO , John David Rainey, will review our Q4 and Fiscal 24 results.
Okay.
Stephanie Schiller Wissink: Thank you and welcome everyone. The format of today's call will follow prior quarters.
provide perspective on the key drivers of our financial framework, and offer initial guidance for fiscal 25.
Stephanie Schiller Wissink: The format of today's call will follow prior quarters. First, our CEO, Doug McMillon, will share his reflections on the quarter and the company. Then our CFO, John David Rainey, will review our Q4 and Fiscal 24 results.
Stephanie Schiller Wissink: First our CEO, Doug Mcmillon, well share his reflections on the quarter and gear.
Following these remarks, we'll take your questions. At that time, we will be joined by our segment CEOs. John Ferner from Walmart U.S.
Stephanie Schiller Wissink: Dunn, our CFO, John David Rainey will review, our Q4 and fiscal 'twenty four results.
Stephanie Schiller Wissink: provide perspective on the key drivers of our financial framework and offer initial guidance for Fiscal 25. Following these remarks, we'll take your questions. At that time, we will be joined by our segment's CEOs, John Ferner from Walmart U.S., Cass McClay from Walmart International, and Chris Nicholas from Sam's Club. In order to address as many questions as we can, please limit yourself to one question. Today's call is being recorded, and management may make forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC.
Speaker Change: Provide perspective on the key drivers of our financial framework and offer our initial guidance for fiscal 'twenty five.
Cass McClay from Walmart International, and Chris Nicholas from Sam's Club.
In order to address as many questions as we can, please limit yourself to one question.
Speaker Change: Following these remarks, we will take your questions at that time, we will be joined by our segments Ceos, John Furner from Walmart U S. Katz Maclay from Walmart International and Chris Nicholas from Sam's Club.
Today's call is being recorded and management may make forward-looking statements.
These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements.
In order to address as many questions as we can please limit yourself to one question.
These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC.
Speaker Change: Today's call is being recorded and management may make forward looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include but are not limited to the factors identified in our filings with the SEC.
Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements, as well as our entire Safe Harbor Statement and non-GAAP reconciliations on our website at stock.walmart.com.
Stephanie Schiller Wissink: Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements, as well as our entire Safe Harbor Statement and non-GAAP reconciliations on our website at stock.walmart.com. Doug, we are now ready to begin. Good morning, and thanks for joining us to talk about our Our team delivered a great quarter, finishing off a strong year. We drove sales growth of 4.9% and adjusted operating profit growth of 10.9%. Highlights include higher transaction counts and unit volumes, gains in market share in the U.S. and internationally, and improved in-stock levels with inventory being in great shape and down versus last year. Strong performance in Walmart U.S. customer experience scores, even during the high-volume holiday season. Plus, this year, we passed $100 billion in global e-commerce sales for the first time. It's been a very good holiday.
Speaker Change: Please review our press release and accompanying slide presentation for a cautionary statement regarding forward looking statements as well as our entire safe Harbor statement and non-GAAP reconciliations on our website at stock Walmart Dot com.
Doug, we are now ready to begin.
Good morning and thanks for joining us to talk about our business.
Our team delivered a great quarter, finishing off a strong year. We drove sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.
Speaker Change: Doug we are now ready to begin.
Highlights include higher transaction counts and unit volumes, gains in market share in the U.S. and internationally, improved in-stock levels with inventory being in great shape and down versus last year.
Doug Mcmillon: Good morning, and thanks for joining us to talk about our business.
Speaker Change: Our team delivered a great quarter, finishing off a strong year, we drove sales growth of four 9% and adjusted operating profit growth of 10.9% in constant currency.
strong performance in Walmart U.S. customer experience scores even during the high-volume days before Christmas.
Speaker Change: Highlights include higher transaction counts and unit volumes gains in market share in the U S and internationally.
Plus, this year, we passed $100 billion in global e-commerce sales for the first time.
Speaker Change: Improved in stock levels with inventory being in great shape and down versus last year.
But a very good holiday season.
We were strong in the U.S., Mexico, Canada, and India, where we had the best big billion days ever, and we continued the strong performance in China with the start of Chinese New Year.
Speaker Change: Strong performance in Walmart U S customer experience scores, even during the high volume days before Christmas.
Speaker Change: This year, we passed $100 billion in global ecommerce sales for the first time.
Typically, we see some of our customer experience scores dip during the high volume hours and days we experience during the holidays.
Speaker Change: But a very good holiday season, we were strong in the U S, Mexico, Canada, and India, where we had the best Big billion days ever and we continued the strong performance in China with the start of Chinese new year.
Doug Mcmillon: We were strong in the U.S., Mexico, Canada, and India, where we had the best Big Billion Days ever. And we continued our strong performance in China with the start of Chinese. Typically, we see some of our customer experience scores dip during the high volume hours and days we experienced during the holiday. However, during Q4, the Walmart U.S. team delivered three-year-high custom, Stores, Pickup and Delivery from Stores, and for those orders that flow directly from our eCommerce Fulfillment... I'm excited about the omni-channel net promoter score trends the team is seeing. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 of our, following a big, Our general merchandise prices are lower than and even two years ago in some, which means In food, prices are lower than a year ago in places like eggs, apples, and delis, but higher in other places like asparagus. Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single-digit, and Hypeens versus two years ago. Private brand penetration is up in many of the countries. Including me.
But during Q4, the Walmart U.S. team delivered three-year high customer scores.
in our stores, for pickup and delivery from stores, and for those orders that flow directly from our e-commerce fulfillment centers.
Speaker Change: Typically we see some of our customer experience scores dip during the high volume hours and days, we experienced during the holidays.
I'm excited about the Omnichannel Net Promoter Score trends the team is driving.
Speaker Change: During Q4, the Walmart U S team delivered three year high customer scores in our stores for pickup and delivery from stores and for those orders that flow directly from our ecommerce fulfillment centers.
Across countries, we continue to see a customer that's resilient, but looking for value.
As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S.
Speaker Change: I'm excited about the Omnichannel net promoter score trends the team is driving.
Those were up significantly in Q4 versus last year, following a big increase in Q3.
Speaker Change: Across countries, we continue to see a customer that's resilient, but looking for value as.
you
Our general merchandise prices are lower than a year ago and even two years ago in some categories.
Speaker Change: As always we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U S. Those were up significantly in Q4 versus last year. Following a big increase in Q3.
which means our customers are finding value in areas like apparel and hard lines.
In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries.
Our general merchandise prices are lower than a year ago, and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines.
Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year, and high teens versus two years ago.
Speaker Change: And food prices are lower than a year ago in places like eggs apples in Delhi snacks, but higher in other places like asparagus and blackberries.
Private brand penetration is up in many of the countries where we operate, including the United States.
During our Q3 call, I mentioned that we might find ourselves in a deflationary position early in calendar 24.
Speaker Change: Dry grocery and consumables categories like paper goods and cleaning supplies are up mid single digits versus last year and high teens versus two years ago.
In Walmart U.S., we're there in general merchandise, but the slope of the decline softened during Q4, meaning the prices are lower than a year ago, but not as much as the trend line would have suggested at the end of Q3.
Speaker Change: Private brand penetration is up and many of the countries, where we operate including the United States.
Doug Mcmillon: During our Q3 call, I mentioned that we might find ourselves in a deflationary position early in the calendar year, and Walmart US, we're there in general merchandise. The slope of the decline softened during Q4, meaning the prices are lower than a year ago, but not as much as the trend line would have suggested at the end of the year. We saw the trend line for food and consumables in Walmart U.S. soften, too, resulting in our retail prices for food and consumables being slightly higher than a year ago. In total, for Walmart U.S., our year-end retail prices on like-for-like items were inflated by about $80,000. Importantly, we're encouraged by our strength in terms of units. Sam's Club U.S. is in a similar pricing position to Walmart U.S., and outside the U.S., our pricing comparisons to a year ago are in more of a normal position.
Speaker Change: During our Q3 call I mentioned that we might find ourselves in a deflationary position early in calendar 'twenty four.
We saw the trend line for food and consumables in Walmart U.S. soften, too, resulting in our retail prices in food and consumables being slightly higher than a year ago.
Speaker Change: In Walmart U S, where they're in general merchandize, but the slope of the decline softened during Q4, meaning the prices are lower than a year ago, but not as much as the trend line would've suggested at the end of Q3.
In total, for Walmart U.S., our year-end retail prices on like-for-like items were inflated by about 80 basis points.
Speaker Change: We saw the trend line for food and consumables in Walmart U S. Soften two resulting in our retail prices in food and consumables being slightly higher than a year ago.
Importantly, we're encouraged by our strength in terms of units and transactions.
Sam's Club U.S. is in a similar pricing position to Walmart U.S. and outside the U.S. our pricing comparisons to a year ago are in more of a normal range.
Speaker Change: In total for Walmart U S. Our year end retail prices on like for like items were inflated by about 80 basis points importantly.
We're excited about the momentum we see and we're pleased with the quarter.
Speaker Change: Importantly, we're encouraged by our strength in terms of units and transactions.
But my focus stays primarily on what we're building for the longer term.
Speaker Change: Sams Club U S is in a similar pricing position to Walmart U S and outside the U S. Our pricing comparisons to a year ago are in more of a normal range.
That future is an omni-channel one.
where we simultaneously strengthen our stores and clubs and build a more compelling e-commerce business.
Doug Mcmillon: We're excited about the momentum we see, and we're pleased, but my focus stays primarily on what we're building for the long term. That future is an omnichannel, where we simultaneously strengthen our stores and build a more compelling e-commerce platform. As it relates to strengthening our stores and clubs, we're investing in remodels and supply chain automation to improve the customer experience and increase. Those things are going well. We'll remodel 928 stores and clubs globally over the next year, including 650 stores in the U.S. Not long ago, we shared that we would be building 30 new Sam's Clubs in the U.S. over the next several weeks, and more recently, we announced we would add more than 150 supercenters in neighborhood markets.
Speaker Change: We're excited about the momentum we see and we're pleased with the quarter.
Thank you.
As it relates to strengthening our stores and clubs, we're investing in remodels and supply chain automation to improve the customer experience and increase productivity.
Speaker Change: But my focus stays primarily on what we're building for the longer term.
Speaker Change: That future is an omnichannel, one where we simultaneously strengthen our stores and clubs and build a more compelling ecommerce business.
Those things are going well.
We'll remodel 928 stores and clubs globally over the next year, including 650 stores in the U.S.
Speaker Change: As it relates to strengthening our stores and clubs, we're investing in remodels and supply chain automation to improve the customer experience and increased productivity.
Not long ago, we shared that we would be building 30 new Sam's Clubs in the U.S. over the next several years, and more recently, we announced we will add more than 150 Supercenters in neighborhood markets in the U.S. over the next five years.
Speaker Change: Things are going well.
Speaker Change: We will remodel 928 stores and clubs globally over the next year, including 650 stores in the U S.
Most of those are new builds and locations where we need a new store.
Speaker Change: Not long ago, we shared that we would be building 30, new Sam's clubs in the U S. Over the next several years and more recently, we announced we will add more than 150, supercenters and neighborhood markets in the U S. Over the next five years.
but a few of them will be discount store conversions to a super center where we're relocating in the same community.
Outside the U.S., we'll open around 230 stores and clubs next year, mainly in Mexico and Central America, and in China, where they'll mostly be Sam's Clubs.
Doug Mcmillon: Over the next 5- Most of those are new builds and locations where we need a new store, but a few of them will be discount store conversions to a supercharger, where we're relocating. Outside the U.S., we'll open around 230 stores and clubs next year, mainly in Mexico and Central America and in China, where they'll mostly be Samsung. We ended the year with 47 Sam's Clubs in China, and they continue to be quite strong on the top and bottom. We are, by far, the leading membership club operator in China with 28 years of experience. So our physical fleet is getting stronger, and it plays a hybrid role serving customers and members when they visit and simultaneously enabling an important portion of Beyond our stores and clubs, we're continuing to strengthen our first and third-party e-commerce businesses and scale those businesses around the world.
Speaker Change: Most of those are new builds and locations, where we need a new store, but a few of them will be discount store conversions to a Super center, where we're relocating in the same community.
We ended the year with 47 Sam's Clubs in China, and they continue to be quite strong on the top and bottom line.
Speaker Change: Outside the U S will open around 230 stores and clubs next year, mainly in Mexico, and Central America, and in China, where they will mostly be Sam's clubs.
We are by far the leading membership club operator in China with 28 years of experience there.
So, our physical fleet is getting stronger and it plays a hybrid role serving customers and members when they visit and simultaneously enabling an important portion of e-commerce.
Speaker Change: We ended the year with 47, Sam's clubs in China, and they continue to be quite strong on the top and bottom line.
Speaker Change: We are by far the leading membership club operator in China with 28 years of experience there.
Beyond our stores and clubs, we're continuing to strengthen our first and third-party e-commerce capabilities and scale those businesses around the world.
Speaker Change: So our physical fleet is getting stronger and it plays a hybrid role serving customers and members when they visit and simultaneously, enabling an important portion of e-commerce.
The combination of marketplace and the commissions that go with it, fulfillment services, membership, advertising.
and our smaller but fast-growing data monetization business enable us to grow our bottom line faster than our top line while delivering everyday low prices for our customers and investing in our associates at the same time.
Speaker Change: And our stores and clubs, we're continuing to strengthen our first and third party e-commerce capabilities and scale those businesses around the world.
Doug Mcmillon: The combination of Marketplace and the commissions that go with it, Fulfillment Services, Membership, Advertising, and our smaller but fast-growing data monetization enable us to grow our bottom line faster than our top line while delivering everyday low prices for our customers and investing in our associates. Marketplace is an engine. As we've added more sellers in the U.S., we've seen more of them use our Fulfillment. Marketplace is also the fastest growing aspect of e-commerce for us outside the U.S., and that growth helps us drive our global adventure. For now, we see the biggest dollar impact from Walmart in the U.S. and in India from Flipkart.
Speaker Change: Combination of marketplace and the commissions that go with it fulfillment services membership advertising and our smaller but fast growing data monetization business enable us to grow our bottom line faster than our top line, while delivering everyday low prices for our customers and investing in our associates at the same time.
Marketplace is an engine for our business.
As we've added more sellers in the U.S., we've seen more of them use our fulfillment capabilities.
Marketplace is also the fastest-growing aspect of e-commerce for us outside the U.S.
That growth helps us drive our global ad business.
Speaker Change: Marketplace is an engine for our business.
For now, we see the biggest dollar impact from Walmart U.S. and in India from Flipkart. But as these businesses scale in places like Mexico and Canada, we expect to see a similar relationship.
Speaker Change: As we've added more sellers in the U S. We've seen more of them use our fulfillment capabilities.
Speaker Change: Marketplaces also the fastest growing aspect of e-commerce for us outside the U S.
Speaker Change: That growth helps us drive our global AD business.
Globally, we drove advertising growth of 28% for the year to reach $3.4 billion.
For now we see the biggest dollar impact from Walmart U S and in India from flip cart.
Our announcement today that we've agreed to acquire Vizio gives us the opportunity to reach and serve customers in new ways and connect more dots for those that advertise with us.
Speaker Change: But as these businesses scale in places like Mexico, and Canada, we expect to see a similar relationship.
Speaker Change: Globally, we drove advertising growth of 28% for the year to reach $3 $4 billion.
Membership's another area where we'll continue to enhance our offerings.
Walmart Plus members spend nearly twice as much with us as non-members and they buy more over the course of a year.
Speaker Change: Our announcement today that we've agreed to acquire Vizio gives us the opportunity to reach and serve customers in new ways and connect more dots for those that advertise with us.
Doug Mcmillon: But as these businesses scale in places like Mexico and Canada, we expect to see a similar, Globally, we drove advertising growth of 28% per year to reach $3.4 billion. Our announcement today that we've agreed to acquire Vizio gives us the opportunity to reach and serve customers in new ways and connect more dots for those that average. Membership's another area where we'll continue to enhance our offer. Walmart Plus members spend nearly twice as much with us as non-members, and they buy more over the course of a year. Sam's Club U.S., we're rolling out new exit technology that enables our members to use Scan and Go to just walk out after completing their transaction on their, further enhancing their
At Sam's Club U.S., we're rolling out new exit technology that enables our members to use Scan and Go to just walk out after completing their transaction on their phone, further enhancing their membership.
Speaker Change: Memberships another area, where we'll continue to enhance our offerings Walmart plus member spend nearly twice as much with us as nonmembers and they buy more over the course of the year.
Last year, we began describing ourselves as a people-led, tech-powered, omnichannel retailer dedicated to helping people save money and live better.
Speaker Change: At Sam's Club U S. We're rolling out new exit technology that enables our members to use scan and go to just walk out after completing their transaction on their phone further enhancing their membership.
This description is really resonating for us inside the company.
We can prioritize our associates, our values, and our culture, and put impactful technology to work to help us fulfill our purpose, strengthen the customer and member experience, and strengthen our company.
Last year, we began describing ourselves as a people led tech powered omnichannel retailer dedicated to helping people save money and live better.
Speaker Change: This description is really resonating for us inside the company.
Here are some recent examples of us being tech-powered.
Speaker Change: We can prioritize our associates, our values and our culture and put impactful technology to work to help us fulfill our purpose strengthen the customer and member experience and strengthen our company.
Our new generative AI powered search on the Walmart US app, which rolled out to iOS users last month and is coming to Android users this month, is a great example.
One of those popular searches this month was help me buy a Valentine's Day gift.
Speaker Change: Here's some recent examples of us being tech powered.
Doug Mcmillon: Last year, we began describing ourselves as a people-led, tech-powered, omnichannel retailer dedicated to helping people save money. This description is really working for us. We can prioritize our associates, our values, and our culture and put impactful technology to work to help us fulfill our, Strengthen customer memory, and Strengthen Our Community. Here's some recent examples of us being. Our new generative AI-powered search on the Walmart US app, which rolled out to iOS users last month and is coming to Android users this month, is a great example. One of the most popular searches this month was "help me buy a valentine," and rather than searching separately for things like chalk, cards, and flowers.
And rather than searching separately for things like chocolates, a card, jewelry, flowers, the search returns a list of results that are relevant and curated.
Speaker Change: Our new generative AI powered search on the Walmart U S app, which rolled out to iOS users last month and is coming to Android users. This month is a great example, one of those popular searches. This month was helped me by a Valentine's day yet.
And Flipkart launched a similar generative AI search tool, which was available just in time for Big Billion Days.
Speaker Change: And rather than searching separately for things like chocolates, a car jewelry flowers. The search returns a list of results that are relevant and curated.
Another example is our ability to provide customers and members with more convenient and affordable delivery.
We already offer express delivery in the U.S. where customers can get their orders delivered fast.
Speaker Change: And flip cart launched a similar generative AI search tool, which was available just in time for big billion days.
But, what if you need something faster? There's a pot of chili on the stove and you realize you forgot chili seasoning.
Speaker Change: Another example is our ability to provide customers and members with more convenient and affordable delivery.
Drone delivery can get it to you in 15 minutes or less.
Speaker Change: We already offer express delivery in the U S where customers can get their orders delivered fast.
Delivering by drone isn't new to us.
Over the last two years, we've operated 37 hubs across 7 states, completing 20,000 deliveries.
Speaker Change: But what if you need something faster, there's a part of Chile on the stove and you realize you forgot chili seasoning.
By the end of the year, we'll make it available to about 75% of households in Dallas-Fort Worth.
Speaker Change: Drone delivery can get it to you in 15 minutes or less.
Speaker Change: Delivering by drone isn't new to us over the last two years, we've operated 37 hubs across seven states completing 20000 deliveries.
I'm really excited about how the pieces are coming together in the near term.
Doug Mcmillon: Search returns a list of results that are relevant and key, and Flipkart launched a similar generative AI search tool, which was available just in time for Big Data. Another example is our ability to provide customers and members with more convenient and affordable deliveries. We already offer express delivery in the U.S., where customers can get their orders delivered quickly. But what if you need something? There's a pot of chili on the stove, and you realize you forgot.
Our customers will have an improved store experience given our remodels.
They can pick up an order, have it delivered to their doorstep or into their home, or get a fast drone delivery when they want it.
Speaker Change: By the end of the year will make it available to about 75% of households in Dallas Fort worth.
Speaker Change: I'm really excited about how the pieces are coming together in the near term.
And this flexibility is enabled by a more intelligent, more connected, and more automated supply chain.
Speaker Change: Our customers will have an improved store experience given our remodels.
From scaled businesses to our faster-growing newer businesses, we're well on track to continue to hit the financial targets we laid out and make important investments for the future.
Speaker Change: They can pick up and order have it delivered to their doorstep or enter their home or get a fast drone delivery when they want it.
Speaker Change: And this flexibility is enabled by a more intelligent more connected and more automated supply chain.
And while we do this, we can grow in a way that helps us achieve our goals of creating opportunities for our associates and becoming a more sustainable business.
Speaker Change: From scaled businesses to our faster growing newer businesses, we're well on track to continue to hit the financial targets, we laid out and make important investments for the future.
Doug Mcmillon: Drone delivery can get it to you in 15 minutes or less. Delivering by drone isn't new. Over the last two years, we've operated 37 hubs across seven states, completing 20,000 deliveries. By the end of the year, we'll make it available to about 75% of households in Dallas. I'm really excited about how the pieces are coming together in this.
In 2017, we announced a bold ambition to work with our suppliers to reduce, avoid, or sequester one gigaton, that's one billion metric tons, of greenhouse gas emissions by 2030. We call it Project Gigaton.
Speaker Change: And while we do this we can grow in a way that helps us achieve our goals of creating opportunities for our associates and becoming a more sustainable business.
In 2017, we announced a bold ambition to work with our suppliers to reduce avoid or sequester. One gigaton. That's 1 billion metric tons of greenhouse gas emissions by 2030, we call It project Gigaton.
Our merchants and suppliers got to work and made investments in practical things like energy efficiency, packaging redesign, and load optimization.
Doug Mcmillon: Our customers will have an improved store experience given our remodeling. They can pick up an order, have it delivered to their doorstep or into their home, or get a fast drone delivery when they want, and this flexibility is enabled by a more intelligent. Connected and more automated, From scaled businesses to our faster-growing newer businesses, we're well on track to continue to hit the financial targets we laid out and make important investments. And while we do this, we can grow in a way that helps us achieve our goals of creating opportunities for our employees and becoming a more. In 2017, we announced a bold ambition to work with our suppliers to reduce, avoid, or sequester one gigatonne of greenhouse
We've reported steady progress since then and we're excited to say that our suppliers have now reported projects exceeding that 1 billion metric ton mark six years early.
Speaker Change: Our merchants and suppliers got to work and made investments in practical things like energy efficiency packaging redesign and load optimization.
We'll continue to work with our suppliers on real initiatives, with real-world impacts that make our products better and our business stronger.
Speaker Change: We've reported steady progress since then and we're excited to say that our suppliers have now reported projects exceeding that 1 billion metric ton Mark six years early.
as we think about developing our associates.
We want them to feel, think, and act like owners.
Speaker Change: We'll continue to work with our suppliers on real initiatives with real world impacts that make our products better and our business stronger.
The degree to which our team takes ownership will have a big impact on our level of success.
That's what motivated us to make shares of Walmart stock part of U.S. store manager compensation.
Speaker Change: As we think about developing our associates, we want them to feel think and act like owners.
It's also why we decided to do a three-for-one stock split.
Speaker Change: The degree to which our team takes ownership will have a big impact on our level of success, that's what motivated us to make shares of Walmart stock part of U S store manager compensation.
Today, more than 400,000 associates participate in our Associate Stock Purchase Plan.
That's a big number, but hopefully even more will choose to participate and take advantage of the 15 percent the company contributes for the first $1,800 purchased by an associate each year.
Speaker Change: It's also why we decided to do a three for one stock split.
Doug Mcmillon: We call it Project... Our merchants and suppliers got to work and made investments in practical things like energy efficiency, packaging redesign, and load optimization. We've reported steady progress, and we're excited to say that our suppliers have now reported projects, feeding that 1 billion metric ton mark in six years.
Speaker Change: Today more than 400000 associates participate and our associate stock purchase plan.
Psychologically, it just feels better to buy a whole share rather than a fraction.
Speaker Change: That's a big number, but hopefully even more will choose to participate and take advantage of the 15%. The company contributes for the first $1800 purchased an associate each year.
We believe in our plan and we're looking for ways, in addition to our 401k and the match that goes along with it, to help our associates build wealth and do more than just earn a paycheck.
Speaker Change: Psychologically it just feels better to buy a whole share rather than a fraction.
I'll close by thanking our associates for delivering a great quarter to end a year where we've accomplished so much.
Speaker Change: We believe in our plan and we're looking for ways. In addition to our 401k in the match that goes along with it to help our associates build well and do more than just earn a paycheck.
We're out to build on our momentum.
We have strong omni-channel businesses globally and they're getting stronger.
Doug Mcmillon: We'll continue to work with our suppliers on real initiatives with real-world impacts that make our products better and our business stronger, as we think about developing our... We want them to feel, think, and act like The degree to which our team takes ownership will have a big impact on our level. That's what motivated us to make shares of Walmart stock part of the U.S. store mandate. It's also why we decided to do a three-for-one.
We're focused on executing the plans we have for this year and beyond, which we believe will deliver top and bottom line growth within the framework we've discussed, and improve ROI over time.
I'll close by thanking our associates for delivering a great quarter to end the year, where we've accomplished so much.
Speaker Change: We're out to build on our momentum.
Speaker Change: We have strong omnichannel businesses globally, and Theyre getting stronger.
With that, I'll turn it over to John Davids.
Speaker Change: We're focused on executing the plans we have for this year and beyond which we believe will deliver top and bottomline growth within the framework, we've discussed and improve ROI over time.
Thanks Doug. We're excited about the progress we've made in growing and evolving our omni-channel platform in pursuit of our purpose to help people save money and live better.
Our teams did a great job in the quarter, finishing the year strong.
Speaker Change: With that I'll turn it over to John David.
For the year, in constant currency, we achieved 5.6% net sales growth and over 8% adjusted operating income growth.
John Parke: Thanks, Doug.
John Parke: We're excited about the progress we've made in growing and evolving our omnichannel platform in pursuit of our purpose to help people save money and live better.
Doug Mcmillon: Today, more than 400,000 associates participate, and our associates. That's a big number, but hopefully, even more will choose to participate and take advantage of the 15% the company contributes for the first $1,800 purchased by an associate. Psychologically, it just feels better to buy a whole share rather than a fraction. We believe in our company, and we're looking for ways, in addition to our 401k and the match that goes along with it, to help our associates build wealth and do more than just earn a paycheck. I'll close by thanking our associates for delivering a great quarter to end a year where we've accomplished... We're out to build on our. We have strong omnichannel businesses globally, and they're getting better. With that, I'll turn it over to John. Thanks, Doug.
We have strong underlying momentum exiting Q4 and are clear about the strategic initiatives we're seeing driving profitable growth in the years ahead.
John Parke: Our teams did a great job in the quarter, finishing the year strong.
John Parke: For the year and constant currency, we achieved five 6% net sales growth and over 8% adjusted operating income growth.
This is reflected in the sustained sales and operating income growth included in our FY25 guidance.
John Parke: We have strong underlying momentum exiting Q4 and are clear about the strategic initiatives, we're seeing driving profitable growth in the years ahead.
I'll recap Q4 results using the framework we introduced at our investor community meeting last year, growth, margins, and returns.
John Parke: This is reflected in the sustained sales and operating income growth included in our FY 'twenty five guidance.
As a reminder, there's a supplemental presentation on our IR website with additional information beyond my remarks.
John Parke: I'll recap Q4 results using the framework, we introduced at our Investor community meeting last year growth margins and returns.
First growth.
Constant currency sales increased nearly 5% or almost $8 billion in Q4, with strong growth from all three segments.
John Parke: As a reminder, there is a supplemental presentation on our IR website with additional information beyond my remarks.
led by increased transactions across in-store, club, and e-commerce channels.
International sales grew 13%.
John Parke: First growth.
John Parke: Constant currency sales increased nearly 5% were almost $8 billion in Q4 with strong growth from all three segments led by increased transactions across in store club and E Commerce channels.
reflecting strength in Flipkart, Womex, and China.
international e-commerce sales increased 44%.
reaching a penetration level of 25% which is a record high for us.
John Parke: International sales grew 13%.
This included Flipkart's largest-ever Big Billion Days event, with 1.4 billion customer visits over the eight-day period.
John Parke: Reflecting strength in flip cart warm mix in China.
International E Commerce sales increased 44%, reaching a penetration level of 25%, which is a record high for us.
In the U.S., Walmart comp sales grew 4%, reflecting increased unit volume and share gains.
John Parke: This included flip carts largest ever big billion days event with one 4 billion customer visits over the eight day period.
Like-for-like sales inflation was about one percent, moderating approximately 160 basis points from Q3 levels.
John Parke: In the U S. Walmart comp sales grew 4%, reflecting increased unit volume and share gains.
We saw better than expected holiday sales.
John David Rainey: We're excited about the progress we've made in growing and evolving our omni-channel platform in pursuit of our purpose to help people save money and live longer. Our teams did a great job in the quarter, finishing the year strong. For the year, in constant currency, we achieved 5.6% net sales and over 8% Adjusted Operating. We have strong underlying momentum exiting Q4 and are clear about the strategic initiatives we're seeing driving profitable growth in the years ahead. This is reflected in the sustained sales and operating income growth included in our FY20. I'll recap Q4 results using the framework we introduced at our Investor Community Meeting last year. Growth, Margins, and Profit. As a reminder, there's a supplemental presentation on our IR website with additional information beyond my... First Growth. Constant currency sales increased by nearly 5%, or almost $8 billion, in Q4.
including two record-breaking volume days leading up to Christmas.
Store fulfilled delivery cells.
John Parke: Like for like sales inflation was about 1%.
We're up nearly 50% and we reached a two billion dollar monthly run rate.
John Parke: Moderating approximately 160 basis points from Q3 levels.
Delivery has been a key source of share gains among upper-income households.
John Parke: We saw better than expected holiday sales, including two record breaking volume days, leading up to Christmas.
It is also the most productive channel for acquiring Walmart Plus members.
John Parke: Store fulfilled delivery sales were up nearly 50% and we reached a $2 billion monthly run rate <unk>.
Sam's Club US delivered comp sales growth of 3.1% excluding fuel with strength in food, consumables, and health categories.
John Parke: Delivery has been a key source of share gains among upper income households. There is also the most productive channel for acquiring Walmart plus members.
E-commerce sales increased 17%.
and we gained a grocery share in both units and dollars.
John Parke: Sams Club U S delivered comp sales growth of three 1%, excluding fuel with strength in food consumables and health categories.
E-commerce continues to be a key point of differentiation for SAMS.
with delivery and curbside driving e-commerce growth, and in-club scan-and-go penetration up over 270 basis points.
John Parke: E Commerce sales increased 17% and we gained grocery share in both units and dollars.
Turning to margins.
Enterprise gross margins expanded 39 basis points.
John Parke: Commerce continues to be a key point of differentiation for Sam's with delivery and curbside driving ecommerce growth and in club scan and go penetration up over 270 basis points.
Customers are responding as we continue to manage pricing aligned to competitive historic price gaps.
In addition, we had lower markdowns resulting from strong inventory management.
John Parke: Turning to margins.
with Walmart U.S. inventory down 4.5%.
Enterprise gross margins expanded 39 basis points.
SAM's down over eight percent.
John Parke: Customers are responding as we continue to manage pricing aligned to competitive historic price gaps in.
and international, relatively flat, excluding currency.
This puts us in a good position to start the new fiscal year.
John Parke: In addition, we had lower markdowns, resulting from strong inventory management with Walmart U S inventory down four 5%.
The timing of Flipkart's big billion days was a partial offset to gross margins.
John David Rainey: Strong Growth From All Three Stores, led by increased transactions across in-store, club, and e-commerce. International sales grew 13%, reflecting strength in Flipkart, Walmex, and China. International E-Commerce increased 44%, reaching a penetration level of 25%, which is a record high. This included Flipkart's largest ever Big Billion Day, with 1.4 billion customer visits over the 18 months.
And while category mixed pressure continued this quarter, we're encouraged to see sequential improvement versus Q3.
John Parke: Sam's down over 8% and international relatively flat excluding currency.
John Parke: This puts us in a good position to start the new fiscal year.
SG&A expenses on an adjusted basis deleveraged 16 basis points.
John Parke: The timing of flip carts Big billion days was a partial offset to gross margins and while category mixed pressure continued this quarter, we're encouraged to see sequential improvement versus Q3.
largely due to higher variable pay expenses in the U.S. relative to last year as a result of exceeding our planned performance.
One of the areas I'm most pleased about is the improvement in e-commerce profitability within the Walmart U.S. segment, resulting from lower e-commerce fulfillment costs.
John Parke: SG&A expenses on an adjusted basis, Deleveraged 16 basis points, largely due to higher variable pay expenses in the U S relative to last year as a result of exceeding our planned performance.
John David Rainey: In the U.S., Walmart comp sales grew 4%, reflecting increased unit volume and shared Life for Life Sales inflation was about 1% moderating approximately 160 basis points from the Q3 level. You saw a better than expected holiday, including two record-breaking volume days leading up to Christmas. Store Fulfilled Delivery. We're up nearly 50%, and we reached a $2 billion monthly run. Delivery has been a key source of share gains among upper-income house and is also the most productive channel for acquiring Walmart Plus. Sam's Club US delivered comp sales growth of 3.1% excluding fuels. Strength in Food, Consumables, and Healthcare; eCommerce sales increased 17%, and we gained a grocery share in both units and dollars. eCommerce continues to be a key point of differentiation with delivery and curbside driving e-commerce growth, and In- Turning to March.
and densifying the last mile.
Our store proximity to customers is an advantage as we increasingly use stores to fulfill e-commerce orders.
John Parke: One of the areas Im most pleased about is the improvement in ecommerce profitability within the Walmart U S segment, resulting from lower e-commerce fulfillment cost and densify the last mile.
We've lowered last-mile store-to-home delivery costs.
by about 20% in the last year.
even as we've shortened delivery times the same day from around 90% of stores.
Our store proximity to customers is an advantage as we increasingly use stores to fulfill E. Commerce orders, we've lowered last mile store to home delivery cost by about 20% in the last year, even as we've shortened delivery times to same day from around 90% of stores.
Combining the fulfillment efficiencies with the improved product margins of e-commerce, we far exceeded the 200 basis point goal we outlined at our investor community meeting and lowered e-commerce losses by more than 40% versus last year's level.
We also saw another strong quarter from our portfolio of higher growth initiatives that reinforce our core Omni retail model.
John Parke: Combining the fulfillment efficiencies with the improved product margins of E. Commerce, we far exceeded the 200 basis point goal, we outlined at our Investor community meeting and lowered ecommerce losses by more than 40% versus last year's level.
Global advertising grew approximately 33% led by international's 76% growth.
International's growth benefited from the timing of big billion days, but still delivered full-year growth of about 30 percent.
John Parke: We also saw another strong quarter from our portfolio of higher growth initiatives that reinforce our core omni retail model.
Sam's ad business achieved a new high with almost 50% more advertisers versus last year.
John Parke: Global advertising grew approximately 33% led by internationals, 76% growth.
Walmart U.S. Connect ad sales grew 22% with more than 50% growth from marketplace sellers.
John Parke: International's growth benefited from the timing of big billion days, but still delivered full year growth of about 30%.
John David Rainey: Enterprise gross margins expanded 39 basis points; customers are responding as we continue to manage pricing aligned to competitive historic prices. In addition, we had lower markdowns resulting from strong inventory, with Walmart U.S. inventory down 4.5%, Sam's down over eight, and International Relatively Flat Excluding Currency. This puts us in a good position to start the new fiscal year. The timing of Flipkart's Big Billion Days was a partial offset to Gross Margin, and while Category Mixed Pressure continued. We're encouraged to see sequential improvement versus Q3. SG&A Expenses on an Adjusted Basis Deleveraged 16 Basin, largely due to higher variable pay expenses in the U.S. relative to last year, as a result of exceeding our planned. One of the areas I'm most pleased about is the improvement in e-commerce profitability within the Walmart U.S. Resulting from lower e-commerce fulfillment, Indensifying the last month.
We're encouraged by the strong demand from new advertisers as active advertiser count
Sam's AD business achieved a new high with almost 50% more advertisers versus last year.
increased over 20 percent.
We're excited about our agreement with Vizio to bring together their unique operating system in our Walmart Connect advertising business.
John Parke: Walmart U S connect AD sales grew 22% with more than 50% growth from marketplace sellers. We're encouraged by the strong demand from new advertisers is active advertiser counts increased over 20%.
This combination would create new opportunities for advertisers to connect with customers, empowering brands to realize greater impact from their advertising spend with Walmart.
John Parke: We're excited about our agreement with vizio to bring together their unique operating system and our Walmart connect advertising business.
We believe the deal would close during FY25.
Due to certain transaction-related costs associated with the acquisition, including for talent retention and technology integration, we expect the deal to be slightly diluted to EPS in the near term.
John Parke: This combination would create new opportunities for advertisers to connect with customers empowering brands to realize greater impact from their advertising spend with Walmart.
We plan to finance the acquisition to use cash and or debt. Importantly, we believe the transaction would be IRR accretive, delivering returns ahead of our expected ROI.
John Parke: We believe the deal would close during FY 'twenty five.
John Parke: Due to certain transaction related costs associated with the acquisition, including for talent retention and technology integration, we expect the deal to be slightly dilutive to EPS in the near term.
Within Marketplace and Fulfillment Services, Flipkart's momentum continued with double-digit growth.
John Parke: We plan to finance the acquisition to use cash and or debt importantly, we believe the transaction would be <unk>.
In the U.S., Walmart's Marketplace delivered strong holiday events including Black Friday, our largest Marketplace sales day ever.
John Parke: Or accretive delivering returns ahead of our expected ROI.
Over the past year, we've increased sellers 20 percent.
John Parke: Within marketplace and fulfillment services flip course momentum continued with double digit growth in.
with approximately 30% of sellers using Walmart fulfillment services.
John Parke: In the U S Walmart's marketplace delivered strong holiday events, including Black Friday, our largest marketplace sales day ever.
And we're pleased with the trends in our membership programs around the world.
John David Rainey: Our store proximity to customers is an advantage as we increasingly use stores to fulfill e-commerce. We've lowered last-mile store-to-home delivery costs by about 20% in the last year, even as we've shortened delivery times the same day from around 90%. Combining the fulfillment efficiencies with the improved product margins of e-commerce, we far exceeded the 200 basis point goal we outlined at our investor community meeting and lowered e-commerce losses by more than 40% versus last year. We also saw another strong quarter from our portfolio of higher growth initiatives that reinforce our core omni-retail business. Global advertising grew approximately 33%, led by Internationals 76. International's growth benefited from the timing of Big Billion Day, but it still delivered full year growth of about 30%. Sam's ad business achieved a new high with almost 50% more advertisers compared to last year. Walmart U.S. Connect ad sales grew 22% with more than 50% growth from the marketplace.
Sam's Club U.S. reached another record high level for member counts and plus member penetration, which led to membership income growth of 10 percent.
John Parke: Over the past year, we've increased sellers, 20%.
John Parke: With approximately 30% of sellers using Walmart fulfillment services and.
and Walmart Plus continues to grow double digits.
John Parke: And we're pleased with the trends in our membership programs around the world.
Strong sales and margins led to fourth quarter adjusted operating income growth of more than 13% while adjusted EPS of $1.80 increased to 5.3%.
John Parke: <unk> Club U S reached another record high level for member counts in plus member penetration, which led to membership income growth of 10% and Walmart plus continues to grow double digits.
Below the line, higher interest and non-controlling interest were headwinds to adjusted EPS.
John Parke: Strong sales and margins led to fourth quarter adjusted operating income growth of more than 13%, while adjusted EPS of $1 80 increased to five 3%.
Moving to returns.
We generated over $35 billion in operating cash flow this year, an increase of nearly 24% due to strong business performance and improvements from working capital initiatives.
John Parke: Below the line higher interest and Noncontrolling interests were headwinds to adjusted EPS.
Return on investment improved approximately 230 basis points.
John Parke: Moving to returns.
We generated over $35 billion in operating cash flow. This year, an increase of nearly 24% due to strong business performance and improvements from working capital initiatives.
to 15%, a level last achieved in 2017.
Our stepped-up investments aimed at improving margins and productivity resulted in capital expenditures of $20.6 billion.
John Parke: Return on investment improved approximately 230 basis points to 15%.
The magnitude of ROI improvements reflect some benefits from productivity initiatives that we initially expected to realize in FY25.
John Parke: A level last achieved in 2017.
John Parke: Our stepped up investments aimed at improving margins and productivity resulted in capital expenditures of $20 6 billion.
And, as we announced this morning, we're pleased to raise the dividend by 9% this year, the largest increase in over a decade, reinforcing our commitment to strong cash returns to shareholders.
John Parke: The magnitude of ROI improvements reflect some benefits from productivity initiatives that we initially expected to realize in FY 'twenty five.
And as we continue to execute on our long-range plan, we will continue to evaluate the appropriate payout ratio for our business.
John David Rainey: We're encouraged by the strong demand from new advertisers, as active advertisers increased over 20. We're excited about our agreement with Vizio to bring together their unique operating system and our Walmart Connect advertising. This combination will create new opportunities for advertisers to connect with customers, empowering brands to realize greater impact from their advertising. We believe the deal will close during FY20-21. Due to certain transaction-related costs associated with the acquisition, including for talent retention and technology integration, we expect the deal to be slightly diluted to EPS in the near term. We plan to finance the acquisition using cash and or debt.
John Parke: And as we announced this morning, we're pleased to raise the dividend by 9%. This year the largest increase in over a decade reinforcing our commitment to strong cash returns to shareholders and as we continue to execute on our long range plan, we will continue to evaluate the appropriate payout ratio for our business.
We have a clear vision to deliver our financial framework of growing operating income faster than sales.
I'd like to spend the next couple of minutes on the initiatives we believe will drive improved incremental margins in the years ahead, even as we stay customer and top-line focused, deliver value for them, and invest in our people.
John Parke: We have a clear vision to deliver our financial framework of growing operating income faster than sales.
Beyond steady broad-based sales growth across segments, incremental profits will be derived from four key areas.
John Parke: I'd like to spend the next couple of minutes on the initiatives. We believe will drive improved incremental margins in the years ahead, even as we stay customer and top line focused deliver value for them and invest in our people.
business mix.
productivity benefits from our supply chain transformation and automation improvements.
product mix, and geographic mix.
John Parke: Beyond steady broad based sales growth across segments incremental profits will be derived from four key areas.
These areas will contribute to improved e-commerce economics over the next several years.
starting with business mix.
John Parke: Business mix.
As I noted previously, we're excited about how our newer, higher growth businesses are scaling.
John Parke: Productivity benefits from our supply chain transformation and automation improvements.
John Parke: <unk> mix and geographic mix.
Together, these businesses have significantly higher structural margins than our core retail business.
John Parke: These areas will contribute to improved e-commerce economics over the next several years.
and they are growing significantly faster.
John Parke: Starting with business mix.
which has the effect of bending our margin curve upward.
John David Rainey: Importantly, we believe the transaction would be IRR accretive, delivering returns ahead of our expected ROI within Marketplace and Fulfillment. Meanwhile, Flipkart's momentum continued with double-digit growth. In the U.S., Walmart's Marketplace delivered strong holiday events, including Black Friday, our largest Marketplace sales day. Over the past year, we've increased sellers by 20%, with approximately 30% of sellers using Walmart fulfillment, and we're pleased with the trends in our membership programs around the world. Sam's Club U.S. reached another record high level for member counts and plus member penalties, which led to membership income growth of temporary, and WalmartPlus continues to grow.
John Parke: As I noted previously we are excited about how our newer higher growth businesses are scaling together. These businesses have significantly higher structural margins in our core retail business and they are growing significantly faster, which has the effect of bending our margin curve upward.
Over the past year, global advertising grew 28% to about $3.4 billion.
Walmart US marketplace revenue grew 45% with more than 35% of orders fulfilled by Walmart Fulfillment Services.
John Parke: Over the past year global advertising grew 28% to about $3 4 billion.
And lastly, global membership income grew 20%.
Over our planning horizon, the growth of this portfolio is expected to be one of the largest drivers of operating income growing faster than sales.
John Parke: Walmart U S marketplace revenue grew 45% with more than 35% of orders fulfilled by Walmart fulfillment services and lastly, global membership income grew 20%.
We believe global advertising and membership alone will represent 20% of annual operating income in FY25.
Over our planning horizon the growth of this portfolio is expected to be one of the largest drivers of operating income growing faster than sales.
These profit streams allow us to fund investments in our core business while also expanding our operating margins.
Turning to Supply Chain Transformation and Automation.
John Parke: We believe global advertising and membership alone will represent 20% of annual operating income in FY 'twenty five.
This was a significant year for the phased deployment of automated technologies to optimize our next generation supply chain.
John David Rainey: Strong sales and margins led to fourth quarter adjusted operating income growth of more than 13%, while adjusted EPS of $1.80 increased to $5.3%. Below the line, higher interest and non-controlling interest were headwinds to adjust. Moving to return. We generated over $35 billion in operating cash flow this year, an increase of nearly 24% due to strong business performance and improvements in working capital. Return on Investment improved approximately 230 basis points to 15 percent, a level last achieved in 2000. Our stepped-up investments aimed at improving margins and productivity resulted in capital expenditures of $20.6 billion. The magnitude of ROI improvements reflects some benefits from productivity initiatives that we initially expected to realize in FY20. And as we announced this morning, we're pleased to raise the dividend by 9% this year, the largest increase in over a decade, reinforcing our commitment to strong cash returns to shareholders. And as we continue to execute on our long-range plan, we will continue to evaluate the appropriate payout ratio.
John Parke: Profit streams allow us to fund investments in our core business, while also expanding our operating margins.
This program spans several years, with activities stepping up in FY25 and FY26.
John Parke: Turning to supply chain transformation and automation.
To date, we've retrofitted 13 regional distribution centers with varying levels of automated storage and retrieval systems.
John Parke: This was a significant year for the phased deployment of automated technologies to optimize our next generation supply chain.
This technology gets product to shelves faster and has meaningful benefits to productivity, both in our DCs and stores.
John Parke: This program spans several years with activity stepping up in FY 'twenty five in FY 'twenty six.
John Parke: To date, we've retrofitted 13 regional distribution centers with varying levels of automated storage and retrieval systems.
With the progress we've made over the past year, we're on track toward our goal of having approximately 55% of our fulfillment center volume and roughly 65% of super centers serviced by automation by the end of FY26.
John Parke: This technology gets product to shelves faster it has meaningful benefits to productivity, both in our Dcs and stores.
John Parke: With the progress we've made over the past year were on track toward our goal of having approximately 55% of our fulfillment center volume and roughly 65% of Super centers serviced by automation by the end of FY 'twenty six.
Already, around 1,500 stores are receiving palletized spray from these DCs.
There are also exciting benefits from technology being realized in our stores.
We're using applications to drive speed and proficiency including RFID and computer vision as well as digital displays and labels to remove friction for both customers and associates.
Already around 500 stores are receiving palletize freight from these D seats.
John Parke: There are also exciting benefits from technology being realized in our stores.
New digital tools that automate repetitive tasks or eliminate heavy lifting have increased associate productivity, and customers are benefiting from improved in-stock rates and associate accessibility, leading to customer experience scores up over 140 basis points in FY24.
John Parke: We're using applications to drive speed and proficiency, including RFID and computer vision as well as digital displays and labels to remove friction for both customers and associates new.
John Parke: New digital tools that automate repetitive tasks or eliminate heavy lifting have increased associate productivity and customers are benefiting from improved in stock rates and associated accessibility, leading to customer experience scores up over 140 basis points in FY 'twenty four we.
We expect to begin seeing the enterprise financial benefits of upstream automation and cost to fulfill inventory efficiency, store productivity and wage leverage as we move through FY25 with a more pronounced benefit in the second half.
John David Rainey: We have a clear vision to deliver our financial framework of growing operating income faster than ever. I'd like to spend the next couple of minutes on the initiatives we believe will drive improved incremental margins in the years ahead, even as we stay focused on customers and the top line. Deliver value for them and invest in our Beyond steady, broad-based sales growth across segments, incremental profits will be derived from four key areas: Business Mix, Productivity Benefits from our Supply Chain Transformation and Automation, Product, and Geographic. These areas will contribute to improved e-commerce economics over the next several years, starting with business.
product mix.
John Parke: We expect to begin seeing the enterprise financial benefits of upstream automation and cost to fulfill inventory efficiency store productivity and wage leverage as we move through FY 'twenty five with a more pronounced benefit in the second half.
Continuing to expand our e-commerce assortment is critical to earning first position consideration among customers.
This is particularly true for general merchandise, including our marketplace.
We've accelerated visit frequency and built incredible trust through core essentials like food and consumables.
John Parke: On product mix continuing to expand our E. Commerce assortment is critical to earning first position consideration among customers.
In fact, weekly active e-commerce customers grew 17% this last year.
John Parke: This is particularly true for general merchandise, including our marketplace.
We're building on this trust by improving our general merchandise assortment, both on and offline.
John Parke: We've accelerated visit frequency and built incredible trust through core essentials like food and consumables in fact weekly active e-commerce customers grew 17% this last year.
General merchandise also benefits as U.S. store remodels continue to perform well.
We'll execute another 650 in Walmart US and FY25 on top of the nearly 700 remodels completed this year.
John Parke: We're building on this trust by improving our general merchandise assortment, both on and offline.
We're also excited to be returning to store growth in the U.S., as Doug mentioned.
John Parke: General merchandise also benefits as U S store Remodels continue to perform well.
Our supercenter, Store of the Future Design, is resulting in stronger four-wall cells while also delivering a sales lift in the surrounding trade area.
John David Rainey: As I noted previously, we're excited about how our newer, higher growth businesses are scaling. Together, these businesses have significantly higher structural margins than our core retail business, and they are growing significantly faster, which has the effect of bending our margin curve. Over the past year, global advertising grew 28% to about $3.4 billion. Walmart U.S. marketplace revenue grew 45% with more than 35% of orders fulfilled by Walmart Fulfillment Services, and lastly, Global Membership Income grew 20%. Over our planning horizon, the growth of this portfolio is expected to be one of the largest drivers of operating income growing faster than sales. We believe global advertising and membership alone will represent 20% of annual operating income in FY20.
John Parke: We will execute another 650 in Walmart U S. In FY 'twenty five on top of the nearly 700 Remodels completed this year.
as these modernized stores offer more capacity for pickup and delivery.
John Parke: We're also excited to be returning to store growth in the U S. As Doug mentioned.
are more engaging to shop.
John Parke: Our supercenter store of the future design is resulting in stronger four wall sales, while also delivering a sales lift in the surrounding trade area. As these modernized stores offer more capacity for pickup and delivery are more engaging to shop, and our improving customer perception about Walmart, especially in general merchandise, where we are.
and our improving customer perception about Walmart, especially in general merchandise, where we're encouraged by the share gains we're seeing.
for general merchandise categories that surged during 2020 and 21.
and have longer replacement cycles such as electronics and housewares.
We expect relative weakness to persist in FY25, although we're hopeful to see directional improvement in the second half as comparisons ease.
John Parke: <unk> by the share gains we're seeing.
John Parke: For general merchandise categories that surge during 2020 in 'twenty one.
Lastly, geographic mix.
John Parke: And have longer replacement cycles, such as electronics and housewares, we expect relative weakness to persist in FY 'twenty five although we are hopeful to see directional improvement in the second half as comparisons ease.
Our international portfolio is accretive to sales and profit growth.
and is expected to be a larger contributor to enterprise performance.
We're on pace to achieve our goals to reach approximately $200 billion in GMV and more than double profits by FY28 from the FY23 base.
John Parke: Lastly, geographic mix.
Our international portfolio is accretive to sales and profit growth is expected to be a larger contributor to enterprise performance. We're.
This implies high single-digit annual sales growth for the segment. In FY24, international grew constant currency sales 10.6% and adjusted operating income over 15%.
John Parke: We're on pace to achieve our goals to reach approximately $200 billion in <unk> and more than doubled profits by FY 'twenty eight from the FY2023 base.
John David Rainey: These profit streams allow us to fund investments in our core business, while also expanding our operations. Turning to Supply Chain Transformation and Automation, this was a significant year for the phased deployment of automated technologies to optimize our next-generation systems. This program spans several years, with activities stepping up in FY25 and FY26. To date, we've retrofitted 13 regional distribution centers with varying levels of automated storage and retrieval.
India, Womex, and China are the sales growth leaders. These three markets are expected to account for approximately three-fourths of international growth over the next several years.
John Parke: This implies high single digit annual sales growth for the segment in FY 'twenty for international grew constant currency sales 10, 6% and adjusted operating income over 15%.
In India, Flipkart's growth continues to compound in the double digits, while Foampay is now processing more than 6 billion monthly transactions and has reached $1.4 trillion in annual total payment volume, about 40% higher than one year ago.
India wall mix in China, or the sales growth leaders. These three markets are expected to account for approximately three fourths of international growth over the next several years and.
John Parke: In India flip carts growth continues to compound in the double digits, while phone pay is now processing more than 6 billion monthly transactions and has reached one four trillion in annual total payment volume about 40% higher than one year ago.
And Walmex continues to go from strength to strength.
Turning to guidance.
Relative to prior years, we're introducing a slightly wider range of potential outcomes given the size of our business and a greater degree of variability we've seen.
John David Rainey: This technology gets product to shelves faster and has meaningful benefits to productivity, both in our DCs and stores. With the progress we've made over the past year, we're on track toward our goal of having approximately 55% of our fulfillment center... and roughly 65% of super... Service by Automation by the end of FY26. Already, around 1,500 stores are receiving palletized spray from these D.C.
There are three nuanced factors to consider for FY25.
John Parke: <unk> continues to go from strength to strength.
First, FY25 is a leap year, which adds an additional day in Q1. I'll refer to this effect in our Q1 guidance shortly.
John Parke: Turning to guidance relative to prior years, we're introducing a slightly wider range of potential outcomes given the size of our business and a greater degree of variability we've seen.
Second, we'll experience a 53rd week for comp cells in Q4.
John Parke: There are three nuanced factors to consider for FY 'twenty five.
We've included a slide in our presentation to help with modeling this.
John Parke: First FY 'twenty five is a leap year, which adds an additional day in Q1.
third on January 30th we announced that the board approved a three-for-one stock split effective February 23rd.
John Parke: I'll refer to this effect in our Q1 guidance shortly.
John Parke: Second.
John Parke: We will experience a 50 <unk> week for comp sales in Q4 with.
We're offering full year and first quarter EPS guidance on a pre and post split basis.
John Parke: We've included a slide in our presentation to help with modeling this and.
John David Rainey: There are also exciting benefits from technology being realized in our stores. We're using applications to drive speed and proficiency, including RFID and computer vision, as well as digital displays and labels to remove friction for both customers and associates. New digital tools that automate repetitive tasks or eliminate heavy lifting have increased associate productivity, and customers are benefiting from improved in-stock rates and associate accessibility, leading to a better customer experience, up over 140 basis points in FY20. We expect to begin seeing the enterprise financial benefits of upstream automation and cost-to-fulfill inventory efficiency. Store Productivity and Wage Leverage as we move through FY25 with a more pronounced benefit on product. Continuing to expand our e-commerce assortment is critical to earning first-position consideration among our customers. This is particularly true for general merchandise, including our market. We've accelerated visit frequency and built incredible trust through core essentials like food and consumables. In fact, weekly active e-commerce customers grew 17% this last year.
for FY25.
John Parke: And third on January 30th we announced that the board approved a three for one stock split effective February 23.
We expect net sales on a constant currency basis to grow between 3 and 4 percent and for operating income to grow 4 to 6 percent.
John Parke: We're offering full year and first quarter EPS guidance on a pre and post split basis.
We expect Walmart U.S. and Sam's Club U.S. net sales growth to fall in line with the enterprise.
John Parke: For FY 'twenty five.
and for international growth to be above enterprise growth.
John Parke: We expect net sales on a constant currency basis to grow between 3% and 4% and for operating income to grow 4% to 6%.
We expect all three segments to contribute to operating income growth.
led by Walmart U.S., Walmart International, and then Sam's U.S.
John Parke: We expect Walmart U S and Sams club U S. Net sales growth to fall in line with the enterprise and for international growth to be above enterprise growth.
At our Investor Day last April , we outlined a multi-year plan of growing sales approximately 4%.
John Parke: We expect all three segments to contribute to operating income growth led by Walmart U S. Walmart International and then Sam's use.
and growing operating income even faster.
We depicted that as a range of four to eight percent.
Looking at our growth over a two-year period, combining FY24 actuals and our guidance for FY25 at the midpoint.
John Parke: At our Investor Day last April we outlined a multiyear plan of growing sales approximately 4% and growing operating income even faster we.
suggests we will grow sales more than 5% and operating income over 8% on average annually.
John Parke: We depicted that is a range of 4% to 8%.
John Parke: Looking at our growth over a two year period, combining FY 'twenty for actuals and our guidance for FY 'twenty five at the midpoint suggests we will grow sales more than 5% and operating income over 8% on average annually.
This is aligned with the framework we laid out, and we're pleased with how we're executing on this plan.
At the enterprise level, we expect sales to grow faster than operating income in the first half, due primarily to the timing of technology spent.
In the second half, we expect operating income growth to exceed our sales growth.
John Parke: This is aligned with the framework, we laid out and we're pleased with how we're executing on this plan.
on a full year basis we expect operating income growth to exceed sales growth by a hundred and fifty basis points at the midpoint.
John Parke: At the enterprise level, we expect sales to grow faster than operating income in the first half due primarily to the timing of technology spend in.
This spread between operating income growth and sales growth in FY25 is similar to what we experienced in FY24.
John Parke: In the second half, we expect operating income growth to exceed our sales growth.
John David Rainey: We're building on this trust by improving our general merchandise assortment, both on and off the shelf. General merchandise also benefits as U.S. store remodels continue to perform well. We'll execute another 650 in Walmart U.S. in FY25, on top of the nearly 700 remodels completed this year.
John Parke: And on a full year basis, we expect operating income growth to exceed sales growth by 150 basis points at the midpoint.
Adjusted operating income grew 250 basis points faster than sales, including a benefit of approximately 90 basis points from LIFO.
John Parke: This spread between operating income growth and sales growth in FY 'twenty five the similar to what we experienced in FY 'twenty four.
As we've noted in the past, this relationship of operating income growing faster than sales won't occur every quarter, but we aim for the framework to hold on an annual basis at the enterprise level.
John David Rainey: We're also excited to be returning to store growth in the U.S., as Doug said. Our supercenter, Store of the Future Design, is resulting in stronger four-wall sales, while also delivering a sales lift in the surrounding trade area, as these modernized stores offer more capacity for pickup and delivery, are more engaging, and our improving customer perception about Walmart, especially in general, where we're encouraged by the share gains for general merchandise categories that surge We expect relative weakness to persist in FY25, although we are hopeful to see directional improvement in the second half as compared to Last, Geographic. Our international portfolio is accretive to sales and profit and is expected to be a larger contributor to enterprise performance.
John Parke: Adjusted operating income grew 250 basis points faster than sales, including a benefit of approximately 90 basis points from LIFO.
We've provided additional detail on guidance for interest, tax rate, and non-controlling interest in our press release.
John Parke: As we've noted in the past this relationship of operating income growing faster than sales won't occur every quarter, but we aim for the framework to hold on an annual basis at the enterprise level.
We expect FY25 EPS in a range of $6.70 to $7.12 on a pre-split basis.
John Parke: We provided additional detail on guidance for interest tax rate and Noncontrolling interest in our press release.
$2.23 to $2.37 on a post split basis.
John Parke: We expect FY 'twenty five EPS in a range of $6 70 to $7 12 on a pre split basis and.
As we continue the multi-year investment in technology and innovation to optimize our supply chain and stores.
We expect capex to range between three to three and a half percent of cells for the next couple years
John Parke: And $2 23.
John Parke: The $2 37 on a post split basis.
Importantly, we have good visibility to the ROI on these investments and we're encouraged by what we're already seeing.
John Parke: As we continue the multi year investment in technology and innovation to optimize our supply chain and stores, we expect capex to range between three to three 5% of sales for the next couple of years importantly, we have good visibility to the ROI on these investments and we're encouraged by what we're already seeing.
For Q1, we expect sales growth of 4 to 5 percent and operating income growth of 3 to 4.5 percent.
The leap year benefit is estimated to be approximately 100 basis points to sales growth.
Operating income growth is expected to be below sales growth this quarter, reflecting the timing of technology expenses mentioned previously.
John Parke: For Q1, we expect sales growth of 4% to 5% and operating income growth of three to four 5%.
We expect Q1 EPS in the range of $1.48 to $1.56 on a pre-split basis.
John Parke: The leap year benefit is estimated to be approximately 100 basis points to sales growth.
John Parke: Operating income growth is expected to be below sales growth this quarter, reflecting the timing of technology expenses mentioned previously.
$0.49 to $0.52 on a post-split basis.
In closing, our FY 24 results demonstrated our ability to reshape our sales and operating income growth trajectory.
John Parke: We expect Q1 EPS in the range of $1 48 to $1.56 on a pre split basis and <unk> 49 to 52.
John David Rainey: We're on pace to achieve our goals to reach approximately $200 billion in GMV and more than double profits by FY28 from the FY23 budget. This implies high single-digit annual sales growth for the segment, and in FY24, International Group Constant Currency Sales was 10.6 and Adjusted Operating Income was over 15%. India, Walmart, and China are the sales growth leaders. These three markets are expected to account for approximately three-fourths of international growth over the next several years. In India, Flipkart's growth continues to compound in the double digits, while PhonePe is now processing more than 6 billion monthly transactions and has reached $1.4 trillion in annual total payment volume, about 40% higher than one year ago, and Wal-Mex continues to go from strength to strength.
And our guidance for FY25 assumes operating income growing faster than sales again.
John Parke: On a post split basis.
Our value proposition is resonating with customers.
John Parke: In closing our FY 'twenty four results demonstrated our ability to reshape our sales and operating income growth trajectory and our guidance for FY 'twenty five assumes operating income growing faster than sales again.
We're deploying capital to proven and scalable investments in our people and platforms.
And our business model is evolving towards higher margins and returns.
I'd like to thank our 2.1 million associates worldwide who are indeed making the difference in bringing our purpose and business strategy to life every day.
John Parke: Our value proposition is resonating with customers, we're deploying capital to proven and scalable investments in our people and platform and our business model is evolving towards higher margins and returns.
We're excited that by making our stock more accessible to them, more of our associates can become owners and align their interest with our external stakeholders.
John Parke: To thank our $2 1 million associates worldwide, who are indeed, making the difference in bringing our purpose and business strategy to life every day.
I'll now turn the call over to the operator for questions. Thank you.
Thank you. At this time, we will be conducting a question and answer session.
John Parke: We're excited that by making our stock more accessible to them more of our associates can become owners and align their interest with our external stakeholders I will now turn the call over to the operator for questions. Thank you.
If you would like to ask a question at this time, please press star 1 from your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.
John Parke: Thank you at this time well be conducting a question and answer session.
For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: Would you like to ask a question at this time. Please press star one from your telephone keypad and a confirmation tone will indicate your line is in the question queue.
So that we may address questions from as many participants as possible, we ask you to please limit yourself to one question.
John David Rainey: Turning to the Guide, Relative to prior years, we're introducing a slightly wider range of potential outcomes, given the size of our business and a greater degree of variability we've seen. There are three nuanced factors to consider for FY25. First, FY25 is a leap year, which adds an additional day in Q1. I'll refer to this effect in our Q1 guidance shortly. Check it out.
Speaker Change: You May press star two fee relates to remove your question from the queue.
Our first question this morning is from the line of Michael Lassert with UBS. Please receive your question.
Speaker Change: Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Good morning. Thank you so much for taking my question. My question is on the outlook for fiscal year 2025.
Speaker Change: So we may address questions from as many participants as possible. We ask you. Please limit yourself to one question.
that's a good question. I'm not sure. At the outset of last year, Walmart guided to 2.5 to 3% constant currency sales growth this year. It's guiding
Speaker Change: Our first question. This morning is from the line of Michael Lasser with UBS. Please proceed with your question.
Michael Lasser: Good morning. Thank you so much for taking my question. My question is on the outlook for fiscal year 2025.
Michael Lasser: Outset of last year, Walmart guided to two 5% to 3% constant currency sales growth this year.
and leap year within that outlook for this year.
John David Rainey: We'll experience a 53rd week for comp sales in Q4. We've included a slide in our presentation to help with modeling. And third, on January 30th, we announced that the board approved a three-for-one stock split effective February 23rd.
But essentially, on a food and store sales basis, you're getting to a similar level, yet the impact from inflation is going to be a lot more moderate this year.
Michael Lasser: Adding <unk>, 3% to 4%.
Michael Lasser: <unk> sales growth.
Speaker Change: There is some benefit from the extra week.
So, what do you see that's driving this, what seems to be a bit more optimistic outlook? And as part of that, if you could comment on what would have to happen in order for you to hit the high end of your operating margin outlook, that would also be quite helpful. Thank you so much.
Speaker Change: Each year within that outlook for this year.
Speaker Change: Equally on a whole source sales basis, you are guiding to a similar level yet the impacts from inflation that would be a lot more moderate this year. So what do you see.
John David Rainey: We're offering full year and first quarter EPS estimates, on a pre- and post-split basis, for FY25. We expect net sales on a constant currency basis to grow between 3 and 4 percent, and for operating income to grow four to six. We expect Wal-Mart U.S. and Sam's Club U.S. net sales growth to fall in line with the enterprise, and for international growth to be above the enterprise.
Speaker Change: That's driving what seems to be a bit more optimistic outlook.
Michael, this is John David. There's a lot to that question. Let me try to unpack that a little bit. I think it's...
Speaker Change: Part of that if you could comment on what would have to happen in order for BD.
It's helpful to go back a year and think about the mood and the tone around the overall macro environment. At that point in time, I think there was largely a consensus that we were going to enter a recession.
Speaker Change: And of your operating margin outlook that would also be quite helpful. Thank you so much.
Speaker Change: Michael This is John David There is a lot to that question, let me try to unpack that a little bit I think its helpful to go back a year and think about.
John David Rainey: We expect all three segments to contribute to operating income, led by Walmart US, Walmart International, and then Sam's US. At our Investor Day last April, we outlined a multi-year plan of growing sales approximately 4% and growing operating income even faster. We depicted that as a range of four to eight.
the last year. Fortunately, we avoided that.
And so I think, overall, we feel a little bit better about the health of the economy right now. That said, price levels certainly affect our forecast as well. So let me decompose our guidance just a little bit and spend a moment on this.
John Parke: And the tone around the overall macro environment at that point in time I think there was largely a consensus that we were going to enter a recession.
John Parke: In the last year, Fortunately, we avoided that.
I think there's a couple of important elements to point out. One is that overall we expect some level of improvement in gross profit. But I want to decompose that further because there's two elements to that. One is our product margin, which we are not relying on raising prices to achieve our long range plan. So let me be very clear about that. The improvement in gross profit is mostly related to the change in our business mix. As we have these faster growing, higher margin parts of our business, like advertising, that are contributing to an outsized part of our portfolio. So we should expect to see some improvement in gross profit.
Speaker Change: And so I think overall, we saw a little bit better about the health of the economy right now that's at price levels, certainly affect our forecast as well. So let me decompose our guidance just a little bit spend a moment on this there's.
John David Rainey: Looking at our growth over a two-year period, combining FY24 actuals and our guidance for FY25 at the mid-point suggest we will grow sales more than 5% and operating income over 8% on average annually. This is aligned with the framework we laid out, and we're pleased with how we're executing on this. At the enterprise level, we expect sales to grow faster than operating income in the first quarter due primarily to the timing of technology.
Speaker Change: A couple of important elements to point out.
Speaker Change: One is that overall, we expect some level of improvement in gross profit, but I want to decompose that further because theres two elements. One is our product margin, which we are not relying on raising prices to achieve our long range plan. So let me be very clear about that.
John David Rainey: In the second half, we expect operating income growth to exceed our sales growth, and on a full-year basis, we expect operating income growth to exceed sales growth by a hundred and fifty basis points. This spread between operating income growth and sales growth in FY25 is similar to what we experienced in FY24, when adjusted operating income grew 250 basis points faster than sales, including a benefit of approximately 90 basis points from LIFO.
Speaker Change: Movement in gross profit is mostly related to the change in our business mix as we have these faster growing higher margin parts of our business like advertising that are contributing to an outsized part of our portfolio. So we should expect to see some improvement in gross profit.
Conversely, on the SG&A line, we do expect some amount of deleverage in our business. And I want to pause on that for a second, because we recognize that EDLC is critical to being – to performing on EDLP. And so we have a lot of focus on continuing to become more efficient, to continue to try to leverage aspects of the business that we can. But our business has changed, just as I noted in my prior comment around business mix. That affects what happens in SG&A. As we rely on things like advertising, some of the expenses related to that hit the SG&A line. And so our focus as a team is on growing operating income, and you see that in our guidance.
Speaker Change: Firstly on the SG&A line, we do expect some amount of deleverage in our business and I want to pause on that for a second because we recognize that <unk> is critical to being performing on <unk>. So we have a lot of focus on continuing to become more efficient to continue.
John David Rainey: As we've noted in the past, this relationship of operating income growing faster than sales won't occur every quarter, but we aim for the framework to hold on an annual basis at the enterprise. We've provided additional detail on guidance for interest, tax rate, and non-controlling interest in our press release... We expect FY25 EPS in a range of $6.70 to $7.12 on a pre-split basis and $2.23 to $2. As we continue the multi-year investment in technology and innovation to optimize our supply chain and stores, we expect CapEx to range between 3% to 3.5% of sales for the next couple years. Importantly, we have good visibility into the ROI on these investments, and we're encouraged by what we're already seeing. For Q1, we expect sales growth of 4-5% and operating income growth of 3-4.5%. The leap year benefit is estimated to be approximately 100 basis points for sales. Operating income growth is expected to be below sales growth this quarter, reflecting the timing of technology.
Speaker Change: Continue to try to leverage aspects of the business that we can but our business has changed just as I noted in my prior comment around business mix that affects what happens in SG&A as we rely on things like advertising some of the expenses related to that.
I'll also point out that While mix and and I should say product mix has been a headwind over the last two years we do assume some amount of headwind going into the coming year as general merchandise is Will will be less of our business relative to food So there is some Persistent talented to that in terms of what would have to happen to for us to hit the top end of our guidance I think a couple things and we're most focused on what we can control and that's the team executing on our plan
Speaker Change: SG&A line, so our focus as a team is on growing operating income and you see that in our guidance I'll also point out that.
Speaker Change: While mix.
Speaker Change: I should say product mix has been a headwind over the last two years, we do assume some amount of headwind going into the coming year.
Speaker Change: As general merchandise is.
Speaker Change: Well it will be less of our business relative to food. So there is some persistent challenges to that in terms of what would have to happen to for us to hit the top end of our guidance I think a couple of things and we're most focused on what we can control and that's the team executed on our plan. So that's our focus but we're not immune to it.
So, that's our focus, but we're not immune to the whims of the economy, and certainly there are economic outcomes that could cause us to move to the high end of the range or the low end of the range. But given where we are right now, going into the first part of this year, we feel really good about the plan. We feel really good about the way that the team is executing and the way that we're serving our customers.
Speaker Change: The whims of the economy, certainly there are economic outcomes.
Speaker Change: Good cause us to move to the high end of the range or the low end of the range, but given where we are right now.
Thank you.
Our next question is coming from the line of Christina Katai with Deutsche Bank. Please proceed with your question. Hi. Good morning, and thank you for taking the question.
Speaker Change: Going into the first part of this year, we felt really good about the plan, we feel really good about the way that the team is executing in a way that we're serving our customers.
Operator: We expect Q1 EPS in the range of $1.48 to $1.56 on a pre-sale basis, and $0.49 to $0.52 on a post-sale basis. In closing, our FY24 results demonstrated our ability to reshape our sales and operating income growth trajectory, and our guidance for FY 25 assumes operating income growing faster than sales. Our value proposition is responding with, We're deploying capital to proven and scalable investments in our people and platforms, and our business model is evolving towards higher margins. I'd like to thank our 2.1 million associates worldwide who are indeed making a difference in bringing our purpose and business strategy to life every day. We're excited that by making our stock more accessible to them, more of our associates can become owners and align their interests with our external stakeholders.
Similarly, I wanted to start with growth margin, right? It was very strong in the quarter.
Speaker Change: Okay.
Speaker Change: Our next question.
up nearly 40 basis points for the enterprise. So I'm wondering if you could quantify maybe the biggest drivers behind these improvements to look at higher margin services with full retail.
Speaker Change: Line of Cristina <unk> with Deutsche Bank. Please proceed with your question.
Cristina: Hi, good morning, and thank you for taking the question.
Cristina: Similarly, I wanted to start with gross margin was very strong in the quarter.
and how that gives you sort of confidence in the back half of the year for fiscal 25. And then, John David, you talked about the improvements in digital contribution margin, certainly the drivers behind that. I was wondering if you could quantify it or maybe speak to the magnitude of improvement we've seen and sort of where that puts you on that path to break even or even profitability. Thank you.
Cristina: Nearly 40 basis points for the enterprise. So I was wondering if you could quantify maybe the biggest drivers behind this improvement we look at higher margin services.
Cristina: Retail and how that gives you the confidence.
In the back half will be.
Speaker Change: So I think that 25, and then John David.
Sure, I'll start on the answer to the improvement in gross margin and John may want to jump in there, but We were just in a healthier place than we were a year ago And I think inventory is a big part of that because we noted inventory in the u.s. was down four and a half percent down eight percent for for Sam's and And that just enables us to operate a lot more effectively. We saw markdowns in the quarter Be notably less than they were the year before and all those have an effect on gross margin John do you want to talk a little bit more about that and I'll go back to Sure. Yeah, thanks John David. Christina. Thanks for the question a few things. I'd say in a margin number one
Speaker Change: Suzanne things digital contribution margin the drivers behind that I was wondering if you could quantify it or maybe speak to the magnitude of improvement we've seen in sort of where that puts you on that possible breakeven.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Sure I'll start on the answer to the improvement in gross margin and John May want to jump in there but.
Operator: I'll now turn the call over to the operator. Thank you. If you would like to ask a question at this time, please press star 1 from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue.
Speaker Change: We're just showing a healthier place than we were a year ago.
Speaker Change: Inventory is a big part of that as we noted inventory in the U S was down four 5% down 8% for Ams.
Speaker Change: And that just enables us to operate a lot more effectively we saw markdowns in the quarter.
The team is really committed to driving value for customers and they did that in the quarter while improving margin And I want to talk about value just a second We're really proud about the fact that our rollback count is up significantly from a year ago similar to what it was in the third quarter
Speaker Change: Notably less than they were the year before and all of those have an effect on gross margin. John do you want to talk a little bit more about that and I'll go back to.
Michael Lasser: If you are using speaker equipment, it may be necessary to pick up your handset before pressing the star key. So that we may address questions from as many participants as possible, we ask that you please limit yourself to one question. Our first question this morning is from the line of Michael Lasser with UBS. Please answer your question. Good morning.
John: Sure John.
John: Yes, Thanks, John David Christina Thanks for the question.
John: So I would say in a margin number one.
Second, the value with customers is resonating well. We saw NPS levels at a high level throughout the quarter and all-time highs for the quarter, which we're all so proud of. And then on the gross margin line as it relates to the overall flow-through,
John: <unk> is really committed to driving value for customers and they did that in the quarter, while improving margin and I wanted to talk about value. Just second we're really proud about the fact that our rollback count is up significantly from a year ago to learning what it was in the third quarter.
Michael Lasser: Thank you so much for taking my question. My question is on the outlook for fiscal year 2025. At the outset of last year, Walmart guided to two and a half to 3% constant currency sales growth.
John: Second the value with customers is resonating well.
There are two things to consider there. One is sell-through was very strong throughout the quarter, our inventory closed down 4.5%.
John: Saw NPS levels that are at a high level throughout the quarter, an all time highest for the quarter, which were also proud of and then on the gross margin line as it relates to the overall flow through and there are two things to consider there.
This is the first year I can remember in my career being in stores in early December , and they were out of storage containers, products on the counter in the back rooms. The teams did a very nice job getting inventory inside, knowing what they owned.
Michael Lasser: This year, it's guiding to three to 4% constant currency sales growth. Presumably, there's some benefit from the extra week and leap year within that outlook for this. But essentially, on a full-source sales basis, you're guiding to a similar level, yet the impact of inflation is going to be a lot more moderate this year. So what do you see that's driving this, what seems to be a bit more optimistic outlook? And as part of that, if you could comment on what would have to happen in order for you to hit the high end of your operating margin outlook, that would also be quite helpful. Thank you so much.
One is sell through was very strong throughout the quarter inventory closed down four 5%.
And the sell-through that was strong at the holiday events we mentioned, two of our strongest days ever, were in December , just leading up to Christmas. The strong sell-through led to lower markdowns, and the markdowns were by far the biggest impact on margins in the U.S.
John: This is the first year I can remember.
John: My career being in stores and in early December and they were out of storage containers product on the counter in the background. The teams did a very nice job getting inventory inside the island and selling through and the sell through that was strong at the holiday, but as I mentioned two of our strongest as ever Orange, where in December just leading up to Christmas that strong sell.
And then the second impact would have been from business mix. So John David said that earlier, but those are the two factors that improved it. And we feel good about our position as we begin this year. We ended the year clean. Store managers and associates have back rooms that are quite under control. They feel very good about their inventory levels and we're really proud of how they performed.
John David Rainey: Michael, this is John David. There's a lot to that question. Let me try to unpack it a little bit. It's helpful to go back a year and think about the mood and the tone around the overall macro environment. At that point in time, I think there was largely a consensus that we were going to enter a recession in the last year. Fortunately, we avoided that.
John: Through led to lower markdowns and the markdowns were by far the biggest impact on margins in the U S. And then the second impact would have been from business mix. So John Davis said that earlier, but those are the two factors that improved it and we feel good about our position as we begin this year and we ended the year clean.
Sure, Christina, I'll address the improvement that we've seen and expect to continue to see in our contribution margin on e-commerce. There's a couple elements to this.
John: Our store managers and associates have backgrounds that are quite under control. They feel very good about their inventory levels and we're really proud of how they perform.
John David Rainey: And so I think, overall, we feel a little bit better about the health of the economy right now. That said, price levels certainly affect our forecast as well. So let me decompose our guidance just a little bit and spend a moment on this. I think there are a couple of important elements to point out. One is that, overall, we expect some level of improvement in gross profit. But I want to decompose that further because there are two elements to that.
Um...
One is I'm really pleased with the way the team has performed on cost of fulfillment.
Speaker Change: Sure Kristina I'll address improvement that we've seen and expect to continue to see in our contribution margin on E. Commerce, There's a couple of elements to this.
That has gone down 20% in the last year. A lot of hard work has gone into making that happen, but the unit economics of delivering a package to a customer or member have simply improved. So that's a big part of the improvement we've seen, and we expect to see continued improvements there. The second aspect of this.
Speaker Change: One is.
Speaker Change: Really pleased with the way the team has performed on cost of fulfillment that has gone down 20% in the last year a lot of hard work has gone into making that happen.
is the densification of our network, specifically the last mile. As we have more customers coming to us, using us through e-commerce channels, it enables us to spread that cost of delivery over multiple customers. And so if you think about an item like our weekly active customers on e-commerce, that's up 17%, much more than our top line. And so customers are recognizing that they can come to Walmart for convenience just as much as they can on price, and that actually helps the profitability of this channel for us. In terms of...
Speaker Change: Unit economics, delivering a package to a customer or member have simply improved so that's a big part of the improvement we've seen and we expect to see continued improvements there.
John David Rainey: One is our product margin, which we are not relying on raising prices to achieve our long-range plan. So, let me be very clear about that. The improvement in gross profit is mostly related to the change in our budget, as we have these faster-growing, higher-margin parts of our business, like advertising, that are contributing to an outsized part of our portfolio. So we should expect to see some improvement in gross profit. Conversely, on the SG&A line, we do expect some amount of deleverage in our business. And I want to pause on that for a second because we recognize that EDLC is critical to being and performing on EDLP.
Speaker Change: Can aspect of this.
Speaker Change: The densification of our network specifically the last mile.
Speaker Change: As we have more customers coming to us using us through e-commerce channels and enables us to spread that cost of delivery over multiple custom.
Speaker Change: Customers. So do you think about an item like our weekly active customers on E. Commerce, that's up 17% much more than our topline. So customers are recognizing that they can come to Walmart for convenience just as much as we can on pricing and that actually helps helps the.
where we or when we can get to profitability, we have line of sight to e-commerce being break-even when we include all the various components of this, advertising, fulfillment services, all that together, but to be clear, we're focused on getting to e-commerce profitability even without the subsidization of those additional items. That's a little further down the road. We have a lot of work to do to get to that point, but we're really pleased with the progress that we've made and the plan that we have going forward.
John David Rainey: And so we have a lot of focus on continuing to become more efficient and to continue to try to leverage aspects. Semaine Norde while we had all the government activities unfolding, clarifying boards, us making sure that everything is under control and things are being done effectively, and an agency- Supplement and integration. I think we are commemorating a story today of what VCR led up to, and we are representing all of the sectors around the world in power, universality, and the workplace and making sure we are moving away from the nonsense and moving to new opportunities. You have to know the first thing: of course, you need to have vision to see where you are and what aspects of your vision you finally see work.
Speaker Change: The profitability of this channel for us in terms of.
Speaker Change: Where we were when we can get to profitability. We have line of sight to e-commerce being breakeven. When we include all of the various components of this advertising fulfillment services all of that together, but to be clear, we're focused on getting to ecommerce profitability even without the subsidy.
I think big picture as it relates to the business model scale has helped a lot, you know, getting to $100 billion for the year is a different number than what we were dealing with before and it's nice to have growth coming on top of that. And as John David said, the formula, whether it's in the U.S. or it's in other markets around the world, is now clear to us. We're in execution mode as it relates to these things.
Speaker Change: Additional items first of all further down the road, we have a lot of work to do to to get to that point, but we're really pleased with the progress that we've made and the plan that we have going forward.
Speaker Change: Thanks, Big picture as it relates to the business model scale has helped a lot getting to $100 million for the year is a different number than what we were dealing with before and it's nice to have growth coming on top of that and as John David.
John David Rainey: Because I think that is what really positions that are critical in our business today. And in my telling you, Variany Attar, Laura wine, lender dot isto, rukturware.
Obviously, route density helps, volume helps, mix, as it relates to contribution profit is part of the equation. And it's exciting to see whether it's at Womex or it's what's happening in India, in addition to what we've been talking about in the U.S. with Walmart and Sam's, the commonalities that we're now experiencing.
Speaker Change: Whether it's in the U S and other markets around the World is now clear to US we're in execution mode as it relates to these things and.
John David Rainey: I'll also point out that while mix, and I should say product mix, has been a headwind over the last two years, we do assume some amount of headwind going into the coming year as general merchandise will be less of our business relative to food. So there is some persistent tilt to that. In terms of what would have to happen for us to hit the top end of our guidance, I think a couple things. And we're most focused on what we can control, and that's the team executing on our plan. So that's our focus. But we're not immune to the whims of the economy.
Speaker Change: Obviously route density helps volume helps mix as it relates to contribution profit as part of the part of the equation and it is exciting to see whether it catheter and wall Max or it's what's happening in India. In addition to what we've been talking about in the U S with Walmart and Sam's commonalities.
It feels like for some time now, we've really kind of known what we're doing. And Omni is an advantage, figuring out how to leverage stores and clubs, what role they play, has been part of that journey as well.
And if I can just comment on China, if you look at their progress over the last few years, they had a digital penetration of about 4% in 2019, they're now at 48%, so it's almost 50-50 offline and online, and we're driving a profit through that business. So I think they've shown a path to really growing OmniSales profitably.
Speaker Change: We're now experiencing it feels like for some time now we've really kind of know what we're doing and omni is an advantage to figuring out how to leverage stores and clubs what role. They play has been part of that journey as well.
John David Rainey: And certainly, there are economic outcomes that could cause us to move to the high end of the range or the low end of the range. But given where we are right now, going into the first part of this year, we feel really good about the plan. We feel really good about the way that the team is executing and the way that we're serving our customers. Our next question is coming from the line of Christina Katai with Glacier Bank. This is your third question. Hi, good morning.
Speaker Change: I can just comment on China. If you look at the progress over the last few years. They had a digital penetration of about 4% in 2019 and now it's 48% and just all my 50, 50 offline and online and we are driving our profits through that business.
you
Speaker Change: I think that's shown.
Speaker Change: Really growing omni sales profitably.
Speaker Change: Our next question's from the line of Simeon Gutman with Morgan Stanley. Please proceed with your question.
Christina Katai: And thank you for taking the question. So similarly, I wanted to start with gross margin, right? It was very strong in the quarter, up nearly 40 basis points for the enterprise.
Simeon Ari Gutman: Hi, Good morning, everyone, Doug I was going to ask you kind of keep it high level for fiscal 'twenty for the prior year.
Simeon Ari Gutman: It's a tough consumer ear, but strategically Walmart made progress on a lot of fun. If you look at 'twenty fiscal 'twenty five.
Christina Katai: So I'm wondering if you could quantify maybe the biggest drivers behind the improvement to look at higher-margin services for retail and how that gives you sort of confidence in the back half of the year for fiscal 25. And then, John David, you talked about the improvements in digital contribution. margin, certainly the drivers behind that.
Simeon Ari Gutman: Can you boil down the year, one to three measures of success and I have some ideas, but I won't I won't preload the question and then.
But what will define success in terms of strategic initiatives and then just secondarily any evolving thoughts about reinvestments in the business. So the business should continue to see higher EBIT growth over the next several years.
Simeon Ari Gutman: Do you since you have one year or at least a couple of years under your belt now of seeing that evolve do you find that the reinvestment rates to be any greater such that not all of that flows through.
John David Rainey: I was wondering if you could quantify it or maybe speak to the magnitude of improvement we've seen and sort of where that puts you on that path to a great season or even profitability. Thank you. Sure. I'll start on the answer to the improvement in gross margin. John may want to jump in there.
Thanks, Simeon I feel good about the reinvestment rate if you look at what our plans include whether it's on the Opex or Capex side, I think we're being aggressive and it is exciting to be in a position where we can play offense on price to the degree we need to we can invest in associate wages and at the same time, we can grow operating income faster than say.
John David Rainey: But we were just in a healthier place than we were a year ago, and I think inventory is a big part of that. As we noted, inventory in the U.S. was down 4.5 percent, down 8 percent for SAMs.
Simeon Ari Gutman: When I look back at last year.
Simeon Ari Gutman: And then how that plays through to FY 'twenty five I think the themes are the same we got to keep the top line going and this business has always been self fund as it relates to just being a merchant in driving sales and.
John David Rainey: And that just enables us to operate a lot more effectively. We saw markdowns in the quarter be notably less than they were the year before. And all those have an effect on gross margin. John, do you want to talk a little bit more about that? And I'll go back. Sure, sure.
Simeon Ari Gutman: I like the fact that we've got an opportunity across so many categories food consumables and general merchandise apparel and as prices come down on the general merchandise side. There is an opportunity to show off our merchant skills and to drive more units.
Simeon Ari Gutman: One of the reasons why to Michael's question to start this conversation we have some confidence just because we're seeing our units move in our share numbers look strong.
John David Rainey: Yeah, thanks John, David. Christina, thanks for the question. You know, a few things that I'd say in a margin.
Simeon Ari Gutman: Top line is a focus I think we are positioned to grow that because we can do that in store club pickup delivery. However people want to be served.
John David Rainey: Number one, the team is really committed to driving value for customers, and they did that in the quarter while improving margin, and I want to talk about value for a second. We're really proud about the fact that our rollback count is up significantly from a year ago, similar to what it was in the third quarter. Second, the value with customers is responding well. We saw MPS levels at a high level throughout the quarter and all-time highs for the quarter, which we're also proud of. And then on the gross margin line as it relates to the overall flow-through, there are two things to consider there. One is that sell-through was very strong throughout the quarter. Inventory closed down 4.5%.
Simeon Ari Gutman: The second thing I'd mentioned is the automation plan and I think in the U S where were most aggressive we'll see over the next few years, a higher level of inventory accuracy improved flow, which will help us with markdowns associate wage productivity all the metrics that we've been talking about.
Simeon Ari Gutman: In particular for last year. So I think automation is the next theme and then the last one that I'll mention is all of the things that flow from marketplace and advertising I think we've learned a lot about marketplace over the last few years and we're working together to build what is a multi country marketplace business, which will.
Simeon Ari Gutman: Help us not only with commissions related to marketplace and fulfillment service scale, but will also help us with advertising and data monetization and some of the other keys to changing the shape of the P&L of the business mix as we referred to it. So those are the things that come to the top for me and that's what I'll stay focused on.
John David Rainey: This is the first year I can remember in my career being in stores in early December, and they were out of storage containers, product on the counter, and in the back rooms. The teams did a very nice job getting inventory inside, knowing what they owned, and selling through, and the sell-through that was strong at the holiday events we mentioned, two of our strongest days ever were in December, just leading up to Christmas. The strong sell-through led to lower markdowns, and markdowns were by far the biggest impact on margins in the U.S. And then the second impact would have been from business mix. John Davis said that earlier, but those are the two factors that improved it. And we feel good about our inventory position as we begin this year. We ended the year clean.
Simeon Ari Gutman: Our next question is from the line of <unk> Parikh with Oppenheimer. Please proceed with your question.
Parikh: Good morning, and thanks for taking my question. So I just wanted to go back to the Walmart U S. General merchandise category just curious how the Remodels are continue to perform as I believe you will soon be lapping the Peterborough opening and then if you look at the general merchandize offering curious if youre seeing any.
Parikh: Green shoots.
Speaker Change: I'm trying to get a sense of when we can start to expect to return deposit growth. Thank you.
Speaker Change: Hey, good morning, John.
Speaker Change: Really really pleased with the team they are growing top and bottom line and we're investing in the future as we talked about this year, we're planning to do.
John David Rainey: Store managers and associates have back rooms that are quite under control. They feel very good about their inventory levels, and we're really proud of that. Sure, Christina, I'll address the improvement that we've seen and expect to continue to see in our contribution margin on e-commerce. There are a couple elements to this. One thing I'm really pleased with the way the team has performed on cost savings. That has gone down by 20% in the last year.
Speaker Change: 50, more Remodels, we did 700 last year, which is I think our largest year and had a really big month in the month of November. The results are very promising as you know there is more space for customers we opened the store.
Speaker Change: We're really proud of the results and apparel all beauty.
Speaker Change: We see positive signs out of the Pet Department is there a number of things that are coming together in the fourth quarter. In particular are really pleased with the toy performance, where we saw unit share gains with big brands like Lego Mattel Matson, Doug So theres, some really nice science.
John David Rainey: A lot of hard work has gone into making that happen. The unit economics of delivering a package to a customer or member have simply improved. So that's a big part of the improvement we've seen, and we expect to see continued improvements there. The second aspect of this is the densification of our network, specifically the last mile.
Speaker Change: Science coming out of those stores and we're looking forward to this year to put another as we said 650 remodels out in the market and.
Speaker Change: And you've consistently performed seasonally.
Speaker Change: As we look forward to this year, whether it Easter back to school all the way through to holiday again.
Speaker Change: People come to Walmart.
Speaker Change: For seasonal purchases and we've got a great strength, there that we plan to build on.
John David Rainey: As we have more customers coming to us, using us through e-commerce channels, it enables us to spread that cost of delivery over multiple customers. And so, if you think about an item like our weekly active customers on e-commerce, that's up to 17%, much more than our top line. And so customers are recognizing that they can come to Walmart for convenience just as much as they can on price, and that actually helps the profitability of this channel for us. In terms of where we are or when we can get to profitability.
Speaker Change: Doug it's been a lot of fun to see how these companies came together as I mentioned the sell throughs are really strong throughout the fourth quarter and Valentine's day was a strong holiday early in the year, we because we're so close to customers. We were delivering same day up until 830 that night and wouldn't recommend that for everyone.
Certainly the capability to be able to think flowers somebody who had a bit of a mall that was with a lot of fun.
Speaker Change: Save the day.
Speaker Change: The next question is from the line of Kevin.
Kevin: With BMO capital markets.
Kevin: With your question.
John David Rainey: We have line of sight to e-commerce being break-even when we include all the various components of this advertising fulfillment service, all that together but to be clear we're focused on getting to e-commerce profitability even without the subsidization of those additional items that's a little further down the road we have a lot of work to do to to get to that point but we're really pleased with the progress that we've made and the plan that we have going forward I think big picture as it relates to the business model, scale has helped a lot, you know, getting to $100 billion for the year is a different number than what we were dealing with before, and it's nice to have growth coming on top of that, and as John David said, the formula, whether it's in the U.S. or it's in other markets around the world, is now clear to us. We're in execution mode as it relates to these things, Obviously, route density helps, volume helps, mix, be sure to follow on Twitter for more exclusive content, It feels like for some time now we've really kind of known what we're doing, and Omni is an advantage, figuring out how to leverage stores and clubs, what role they play, has been part of that journey as well. And if I can just comment on China, if you look at their progress over the last few years, they had a digital penetration of about 4% in 2019.
Kevin: Hey, good morning, Thanks for taking our questions.
Kevin: Wanted to just talk a little bit more about advertising.
Kevin: 28% growth for the year.
Kevin: $3 4 billion.
Kevin: Just doing some math here do you think that can be adding about three to 400 million in EBIT.
Kevin: On an annual basis, so I just wanted to see if that's.
Kevin: In the right ballpark and what kind of magnitude of growth you're forecasting for this coming year and really the next couple of years and also if you can just elaborate here on the vision.
Kevin: As it relates to advertising.
Kevin: Sure Kelly This is John David I'll start, we're really pleased with.
John Parke: Not just advertising, but a lot of these faster growth parts of our business advertising we've called out.
John Parke: You'll notice the growth that we had for the year, we have really strong growth in the quarter.
Speaker Change: You're right. Your math is right in terms of the type of contribution that we should expect there.
John Parke: Check ways.
John Parke: The conversation around <unk>, we're really excited about.
Speaker Change: That acquisition I think it's very complementary to what we're already doing organically in that part of our business and this is an accelerant ill turn it to Doug and John noted to add more about that yes, we're not going to say too much obviously, we need to give that some time for that process to play out but that as Jon. David said, we are really excited about the opportunity to bring together <unk> operating system with our.
Speaker Change: Our AD platform and we can appreciate that you all would probably have a number of questions about it.
Doug Mcmillon: Marketplace and advertising are key drivers of profitability growth as we've already discussed and this acquisition accelerates to build out of our advertising platform ended the connected TV business, which will be exciting.
Simeon Ari Gutman: They're now at 48%, so it's almost 50-50 offline and online, and we're driving a profit through that business. I think they've shown a path to really growing OmniSales profitably. Our next question is from the line of Simeon Gutman with Morgan Stanley. Please proceed with your question. Hi, good morning everyone.
Doug Mcmillon: Given that the acquisition hasn't closed we can only reinforce what we've already shared so we will be limited in our remarks today. So you may want to save your questions for another topic.
Doug Mcmillon: We want to focus for now on our quarter on the company strategy.
More broader topics and then we can come back to you once the deal is closed.
Doug Mcmillon: Sure.
Doug Mcmillon: And our next question is from the line of Robbie <unk> with Bank of America. Please proceed with your question.
Doug Mcmillon: Doug, I was going to ask you, kind of keep it high level, about Fiscal 24, the prior year. It was a tough consumer year, but strategically, Walmart made progress on a lot of fronts. If you look at Fiscal 25, can you boil down the year to one to three measures of success, and I have some ideas, but I won't preload the question, and then what will define success in terms of strategic initiatives and then, just secondarily, any evolving thoughts about reinvestments in the business, so the business should continue to see higher EBIT growth over the next several years? Since you have one year or at least a couple years under your belt now I feel good about the reinvestment rate.
Robbie: Oh, Hey, Thanks for taking my question. My question is on the transaction comps I think it was four 3% for Walmart U S.
That's a pretty strong number and a big quarter for you guys can you a couple of things on that can you talk about how that kind of played out in terms of the fourth quarter was it more grocery driven and ecommerce driven in grocery or did you have really strong transaction growth year over year in holiday and then in the guidance you guys have given.
Robbie: Walmart U S. How should we think about that transaction momentum continuing and then also.
Robbie: Probably the biggest drivers for sustaining that kind of high level of transaction growth.
Robbie: Yes.
John: Hey, Rob it's John.
John: Let me start on this and others can jump in the $4. Three is encouraging we're seeing more customers, we're seeing them more often and we're seeing a lot of new customers.
Doug Mcmillon: If you look at what our plans include, whether it's on the OpEx or CapEx side, I think we're being aggressive, and it is exciting to be in a position where we can play offense on price to the degree we need to. We can invest in associate wages, and at the same time, we can grow operating income faster than sales, and when I look back at last year and then how that plays through to FY25. I think the themes are the same.
John: Frequency, John David mentioned earlier, the weekly average customers in e-commerce up 17%.
Speaker Change: This is a strong number.
Speaker Change: The mix Hasnt changed really all that much I think if you look at our results by by business unit from consumables food to GM.
Speaker Change: Pretty similar trends than what we've been saying I think the big difference that we can talk about as we see more customers using same day services and express deliveries and Thats also across a broad range of categories.
Doug Mcmillon: We have to keep the top line going, and this business has always been so fun as it relates to just being a merchant, and I like the fact that we've got an opportunity across so many categories, food, consumables, general merchandise, and as prices come down on the general merchandise side, there's an opportunity to show off our merchant skills and to drive more. That's one of the reasons why, to Michael's question, to start this conversation, we have some confidence because we're seeing our units move, and our share numbers look strong. So the top line is a focus.
Speaker Change: Be intuitive to assume it's food at times like the example earlier when Youre missing an ingredient, but it's all of that we're also seeing this happen for for birthday gifts in general merchandise items and other things so.
Speaker Change: I'd go back to what we talked about at the beginning of last year, when we talked about supply chain strategy, having a short last mile is an important component in e-commerce, and having stores to be able to deliver.
Speaker Change: Historically would have been an e-commerce order or a food delivery order or the combination of the two is really helping the brand and additionally, that's bringing the delivery costs down which has contributed to the improvement in operations loss in E. Commerce, I think the things you've done to make it easier to pick at store level should be mentioned to RFID and apparel have any.
Doug Mcmillon: I think we're positioned to grow that because we can do that in-store, club, pickup, delivery, however people wanna be served. The second thing I've mentioned is automation, and I think in the U.S., where we're most aggressive, we'll see in the next few years a higher level of inventory. Stageholders Quarterly Podcast, And then the last one that I'll mention is all of the things that flow from the marketplace and advertising.
Speaker Change: Tori levels down so that people can find things I think helped us a lot when it came time to pick toys into last minute for example, our accuracy our customer scores reflect improved accuracy.
Doug Mcmillon: I think we've learned a lot about Marketplace over the last few years, and we're working together to build what is a multi-country Marketplace business which will help us not only with Commission Fulfillment Service Scale... So those are the things that come to the top for me, and that's what I. Our next question is from the line of Rupesh Parikh with Oppenheimer.
Speaker Change: By now with the automation that we're putting in <unk> and e-commerce fulfillment centers and you can start to see that theres, a great opportunity for us to leverage math, and optimize where things come from but our accuracy is also improving it really has Doug there are few things that we're doing with technology to help us ensure that we know what we own where it is and ensure that it's <unk>.
Rupesh Parikh: Please proceed with your question. Good morning, and thanks for taking my question. So I just want to go back to the Walmart U.S. General Merchandise category. I'm just curious how the remodels have continued to perform as I believe you'll soon be lapping the Peterborough opening. And then if you look at the General Merchandise offering, I'd be curious if you're seeing any green shoots. Just trying to get a sense of when we can start to expect a return of positive growth.
Festival for the store associates.
Can't overemphasize, the importance of inventory levels being down four 5% and what that does for a store manager and team lead for the coaches that are in the stores.
Speaker Change: Take care of the customer needs right now and they are able to do that much gradually so I think it will get better over time as the automation continues to come online, but definitely some some notable improvements from the <unk> this quarter.
John Ferner: Thank you. Hey, Rupesh. Good morning, John. You know, really, really pleased with the team. They're growing top and bottom lines, and we're investing in the future, as we talked about. This year, we're planning to do 650 more remodels. We did close to 700 last year, which is, I think, our largest year, and we had a really big month in the month of November.
Speaker Change: Our next question is from the line of Cory <unk> with Jefferies. Please proceed with your question.
Cory: Good morning, and thank you for taking my question.
Cory: I wanted to double click on technology, and you can talk about Walmart being a people led in tech powered company, but that's it.
Cory: Finally, as it relates to AI.
Cory: Is it in the last 12 months that you've deployed enterprise wide, that's worked well for the business and help drive better returns and then what is it over the next 12 months that you see that could really help to improve results even more going forward as I know that's been a continued focus for.
John Ferner: The results are very promising. As you know, there is more space for customers. We opened the store up. We're really proud of the results in apparel and home beauty. We see positive signs in the pet department.
Cory: Enterprise broadly thank you.
Cory: Yes. Thanks, Cory this is Doug and others can chime in here and help me with this but we're very excited about generative AI there are big opportunities for us to improve the customer and member experience improve associate experiences and productivity and help take cost out of the business and we're moving I think big picture, We've got a very clear plan is it.
John Ferner: So there are a number of things that are coming together. In the fourth quarter, in particular, we're really pleased with the toy performance, where we saw unit share gains with big brands like Lego, Mattel, and Muffin Dug. So there are some really nice signs coming out of those stores, and we're really looking forward to this year to put another, as we said, 650 remodels out in the market, and you've consistently performed well season after season. I think as we look forward to this year, whether it's Easter, back to school, all the way through to holiday... People come to Walmart for seasonal purchases, and we've got a great strength there that we plan to We do, Doug. It's been a lot of fun to see how these came together.
Speaker Change: <unk> to what we want to build versus what we want to leverage from others.
Doug Mcmillon: And we've got good partnerships and good advisers and we've got a strong tech team that knows what they're doing in this area. So I do expect that it will have benefits as I talk to other Ceos in and we learn here I think it's still too early to try and quantify this specifically I think as we look back on what develops.
Doug Mcmillon: We can probably tell you in the rearview mirror.
Doug Mcmillon: Things played out from a cost perspective for example, but the thing. We're most excited about that's already happened as the way search has improved.
John Ferner: As I mentioned, sell-through was really strong throughout the fourth quarter, and Valentine's Day was a strong holiday early in the year. Because we're so close to customers, we were delivering same day up until 8.30 that night. I wouldn't recommend that for everyone, but certainly, the ability to be able to take flowers to someone at 8.30 who had a bit of a moment was a lot of fun.
Doug Mcmillon: <unk> generative AI helped us really improve our solution oriented search experience for customers and members of the thing that we're most excited about and it happened pretty quickly.
Doug Mcmillon: It impacted Super Bowl search results. We gave you. An example, Valentine's day earlier and the team is learning how to do that across all of our markets and the entirety of the company. So that's also exciting we also rolled out something we call my assistant on our EMEA Walmart applications. So that all of our associates have app have access.
Kelly Ann Bania: Save the day. The next question is from the line of Kelly Bania with BMO Capital Markets. Hi, good morning.
Kelly Ann Bania: Thanks for taking our questions. I wanted to just talk a little bit more about advertising. 28% growth for the year, I think you said $3.4 billion. Just doing some math here, seems like that could be adding about $300 to $400 million in EBIT on an annual basis now.
Doug Mcmillon: To generative AI tools and capabilities. So strategically the way I think about it is the leadership of the company's working through where our biggest opportunities are prioritizing and resourcing those opportunities, but we're also making journey of AI available broadly so that we get surprising good news from the way that all of our associates interact with it.
John David Rainey: I just wanted to see if that's in the right ballpark and what kind of magnitude of growth you're forecasting for this coming year and really the next couple of years, and also if you can just elaborate on the vision with Vizio as it relates to advertising. Sure, Kelly. This is John David.
Doug Mcmillon: I also want to comment on that technology.
Speaker Change: At Sam's club, we were really excited too.
Doug Mcmillon: Thanks.
Doug Mcmillon: Unveiled at CES.
Doug Mcmillon: <unk>.
Doug Mcmillon: Sam's clubs bank consumer facing application today are so.
John David Rainey: I'll start. We're really pleased with not just advertising but a lot of these faster growing parts of our business. Advertising, you know, you noted the growth that we had for the year. We had really strong growth in the quarter. You're right. Your math is right in terms of the type of contribution that we could expect there. And that segues into the conversation around Visio.
Doug Mcmillon: Easy exit process switch employee's computer vision and AI to allow people to just fall out.
Doug Mcmillon: Just a really exciting way and when you watch closely.
Doug Mcmillon: <unk> has always been that closed last week watching customers just woke out Memphis, just woke up and joined today against them.
Doug Mcmillon: Computer vision, and AI is making their lives better without us knowing while half.
John David Rainey: We're really excited about that acquisition. I think it's very complementary to what we're already doing organically in that part of the business, and this is an accelerant. I'll turn it to Doug and John, though, to add more about that. Yeah, we're not going to say too much. Obviously, we need to give that some time for the process to play out.
Doug Mcmillon: Really exciting and I think it's just the beginning of a journey and Sam's club, where you'd like to innovate we have the opportunity to innovate.
Doug Mcmillon: Wholesale changes to the cost out that we took 35 million tasks out to close last year, all associates by employing technology a lot of that.
Doug Mcmillon: H artificial intelligence that helps them manage inventory better.
John David Rainey: But, as John David said, we are really excited about the opportunity to bring Visio's operating system to our ad platform. We can appreciate that you all probably have a number of questions about it. Marketplace and advertising are key drivers of profitability growth, as we've already discussed, and this acquisition accelerates the build out of our advertising platform into the connected TV business, which will be exciting. But given that the acquisition hasn't closed, we can only reinforce what we've already shared.
Doug Mcmillon: We're working a lot with Memphis tail on personalizing, how we interact with them. So.
Replete with opportunities and I think the important things to change the biggest wallets and invest in those that exit technology is still requires a member to scan their items on their app. So scanning go is the first step and then you can just leave the building when the transaction is completed but obviously eventually we want to remove all of that we started the process to do.
Speaker Change: Thanks for the question.
Speaker Change: Our next question is from the line of Paul <unk> with Citigroup. Please proceed with your question.
Paul: Hey, Thanks, guys you mentioned rollbacks.
John David Rainey: We are limited in our remarks today, so you may want to save your questions for another topic. We want to focus, for now, on our quarter, on the company's strategy, and more broader topics, and then we can come back to you once the deal is closed. Our next question is from Robby Ohmes with Bank of America.
Paul: Last year can you quantify that and maybe talk about what percent of those rollbacks are being vendor funded.
Paul: How that compares to last year as well and how that might have also compared to tell you operate rollbacks historically.
Paul: Also curious how much categories, you're most focused on providing those rollbacks.
Robby Ohmes: Please proceed with your question. Oh, hey, thanks for taking my question. My question is about the transaction comps.
Paul: Hey, Paul It's John I'll take that question, Thats rollbacks or one of the programs and the Walmart format.
Robby Ohmes: I think it was 4.3% for Walmart U.S. That's a pretty strong number and a big quarter for you guys. A couple things on that. Can you talk about how that kind of played out in terms of the fourth quarter?
John: Around 50% of last year, which is similar to what we reported in the third quarter.
John: <unk> categories, it's pretty evenly spread across the box. If you go back to what we said earlier about pricing general merchandise is negative by low single digits. So youll see us.
John Ferner: Was it more grocery driven and e-commerce driven and grocery or did you have really strong transaction growth year-over-year and during the holiday season, and then in the guidance you guys have given for Walmart U.S., how should we think about that transaction momentum continuing, and then also, you know, probably the biggest drivers for sustaining that kind of high level of transaction growth for this year? Hey Robby, it's John. Let me start on this, and others can jump in. The 4.3 is encouraging. We're seeing more customers. We're seeing them more often. We're seeing a lot of new customers. The frequency, John David mentioned earlier, weekly average customers in e-commerce up 17% is a strong number. The mix hasn't really changed all that much.
John: That number all across general merchandise.
John: Food the food business has a number that our Shanghai as well so really key items that we know that our customers have responded well we took our French spread back to one dollar which had been a dollar for a long time and went up as inflation hit the market and we're seeing results of that running about 40% over last year. So customers immediately responded participate chicken is another.
John: One <unk>.
John: That prices come down by $1 customers are responding.
John: John David said earlier customers are being choice volt, and our customers are smart and they recognize value really well so as prices come down and we can show the value.
John Ferner: I think if you look at our results by business unit, from consumables to food to GM, pretty similar trends than what we've been seeing. I think the big difference that we can talk about is that we see more customers using same-day services, Express Deliveries. And that's also across a broad range of categories. It would be intuitive to assume it's food at times like the example earlier when you're missing an ingredient.
John: Italy or physically and we are seeing a lot of great responses as far as.
John: The funding is always going to be balanced merchants have a lot of levers in their P&L from their initial margin to how they manage their inventory back to mix out in many cases, you can improve margin by selling items that are higher margin you can take higher margin items down in missed sales to those items and it shifts the entire.
John Ferner: But we're also seeing this happen for birthday gifts and general merchandise items and other things. So I'd go back to what we talked about at the beginning of last year when we talked about supply chain strategy. Having a short last mile is an important component in e-commerce, and having stores be able to deliver what historically would have been an e-commerce order or a food delivery order or the combination of the two is really helping the brand.
John: The category so it's not as easy as just one simple answer but the merchants are as I said earlier, they are doing a nice job of managing value for customers. They are driving rollbacks and because of strong inventory management, we were able to save markdowns and improved gross margin on product.
John: The next question is from the line of Seth Sigman with Barclays. Please proceed with your question Hey, Good morning, everyone, just reflecting on the market share gains and a lot of the commentary. This past year has been focused on wins with the higher income consumer.
John Ferner: And additionally, that's bringing the delivery cost down, which has contributed to the improvement in operations loss in e-commerce. I think the things you've done to make it easier to pick at the store level should be mentioned too, RFID and apparel. Having the inventory levels down so that people can find things I think helped us a lot when it came time to pick toys at the last minute, for example.
Seth I. Sigman: Just any more perspective on how that's been playing out within consumables versus discretionary categories and how you think about getting that customer really up that spending curve over time, and then I guess just related if you could speak to market share trends, perhaps across some of the other customer segments as well that would be helpful. Thank you.
John Ferner: Our accuracy, our customer scores reflect that improved accuracy. Combine that with the automation that we're putting into e-commerce fulfillment centers, and you can start to see that there's a great opportunity for us to leverage math and optimize where things come from, but our accuracy is also, It really has, Doug. There are a few things that we're doing with technology to help us ensure that we know what we own, where it is, and ensure that it's accessible for the store associates. And I can't overemphasize the importance of inventory levels being down 4.5% and what that does for a store manager, a team lead, for the coaches that are in the stores who need to take care of what a customer needs right now, and they' So I think it'll get better over time as more automation continues to come online.
Seth I. Sigman: This is John David we're pleased with what we've seen in market share gains in the quarter, we gained share in virtually every category.
But notably.
John Parke: One of the biggest contributors in the quarter wasn't this income demographics from households that make more than $100000 a year for general merchandise as an example, two thirds of the share gain that we had in the quarter was through this income demographic and digital channels and what that illustrates I think probably as bad or value.
Convenience is every bit as much evergreens.
John Parke: As for price and that resonates through people, regardless of the size of your paycheck and so that's one of the reasons, we think that we're gaining share our value proposition is resonating with customers and there are clearly shopping us in new ways and versus how they have historically.
John Parke: I would also just comment on some of the other markets that were into looking at the market share gains that we've got really closely correlate with the improvements we've seen in NPS as well as price gaps.
John Ferner: But definitely some notable improvements from the store. Our next question is from the line of Corey Tarlow with Jeffries. Please proceed with your question. Good morning, and thank you for taking my question. I wanted to double-click on technology and talk about Walmart being a people-led and tech-powered company, but specifically as it relates to AI, what have you deployed enterprise-wide that's worked well for the business and helped drive better returns? And then what will you do over the next, Thank you.
John Parke: As we look at just being really relevant from a value perspective in markets, we're seeing that the consumers responding with increases in traffic and market share.
John Parke: And there's so many things.
But no one customers want they want a great price they want a great assortment, they want value and they want experience and.
John Parke: We've been talking about for a couple of years the flexibility that we can offer that we couldnt or did not years ago and the stores are a very important part of the E Commerce solution.
John Parke: Including delivery, but also picking and.
Doug Mcmillon: Yeah, thanks, Corey. This is Doug, and others can chime in here and help me with this. But we're very excited about Generative AI.
John Parke: At times, just being exactly what they are which are great stores that offer those thus four elements. So.
John Parke: Remaining flexible can be really important saving people time.
Doug Mcmillon: They're big opportunities for us to improve the customer and member experience, improve associate experiences and productivity, and help take costs out of the business, and we're moving. I think big picture, we've got a very clear plan as it relates to what we want to build versus what we want to leverage from others, and we've got good partnerships and good advisors, and we've got a strong tech team that knows what they're doing in this area. So I do expect that it'll have benefits. As I talk to other CEOs and learn here, I think it's still too early to try and quantify.
John Parke: John David mentioned convenience and that is definitely a driver of the results.
Speaker Change: Thank you.
Speaker Change: At this time, we've reached the end of the question and answer session now I'll turn the call over to Doug Miller for closing remarks, thanks for joining us today I'm, a little concerned that I'm gonna be boring in my closing remarks because.
Doug Miller: Coming quite repetitive.
We're in execution mode and the headlines are we believe we can grow we're confident in our ability to grow because we're positioned to serve customers and members. However, they want to be served we can provide value and we can provide convenience.
Doug Miller: Underneath the supply change changing to be more intelligent more connected more automated and that's just going to help us improve execution from a profit point of view, we can grow profit faster than sales, while investing in our associates, while investing in our business and having flexibility on price if we need it and we'll do that through the combination of business mix and productivity delivered by.
Doug Mcmillon: I think as we look back on what develops, we can probably tell you in the rearview mirror how things played out from a cost perspective, for example. But the thing we're most excited about that's already happened is the way search has. The way Generative AI helped really improve a solution-oriented search experience for customers and members is the thing that we're most excited about. And it happened pretty quickly, and it impacted Super Bowl search results.
Doug Miller: Automation, we're in a great set of countries. We can sell we can sell general merchandise whatever the customer wants in a moment and then thirdly, we can grow ROI over time I think we are investing in the right categories are very clear on the places where we're investing we know what the expected returns are there it's great to see the automation plans continuing to.
Doug Miller: To scale.
Christopher Horvers: We gave you an example of Valentine's Day earlier, and the team is learning how to do that across all of our markets. We also rolled out something we call My Assistant on our Me at Walmart application so that all of our associates have access to generative AI tools and capabilities. So strategically, the way I think about it is the leadership of the company is working through where our biggest opportunities are, prioritizing and resourcing those opportunities, but we're also making Journey of AI available broadly so that we get www.globalonenessproject.org. Anybody else want to comment on that technology? For Sam's Club, we were really excited to unveil at CES the first of our big consumer-facing applications of AI. So our Easy Exit process, which employs computer vision and AI to allow people to just walk out, is just a really exciting way
Doug Miller: We're in a period of time here over the next few years, where that's going to be vital but.
Doug Miller: It doesn't last forever and there is a transition on the other side and it looks quite exciting to us. So I think the combination of growth profit growing faster than sales and Roy let's look attractive here and.
Speaker Change: We'll just keep trying to get better as we execute it. Thanks again for your time.
Speaker Change: Thank you.
Speaker Change: Include today's conference you may disconnect your lines at this time and we thank you for your participation.
Speaker Change: Wonderful day.
Speaker Change: [music], everyone, thanks or.
Speaker Change: For dialing in and tuning in today to the huddle here with Doug It at our year beginning meeting here in Houston, Texas, Great to be back in Houston have been awesome to be here, it's fine and we have everyone here together about 5000 managers from our stores, our fulfillment centers or all of our supply chain building is one of our team for the home office.
Speaker Change: And can you just made a pretty exciting announcement, yeah, we did.
Speaker Change: I'm excited that we made a decision as we just announced to split our Walmart stock split.
Speaker Change: Split three for one actually three to one so that was big news today Big News I think it's is it the first time, we've done a three for one I was looking back I think the others were two two to one three to one haven't checked I think that's right, but the history of stock splits goes back to Sam Walton Yes.
Christopher Horvers: And when you watch customers – I was in a club last week watching customers just walk out, members just walk out – and the joy that it gives them that some computer vision and AI is making their lives better without them knowing why or how, is really exciting. And I think it's just the beginning of a journey at Sam's Club. We like to innovate. We have the ability to innovate. We'll see opportunities for cost savings, no doubt. We took 35 million tasks out of the club last year for associates by employing technology.
Speaker Change: Than many in the course of his career and then a couple of cents. Yeah. If you go back to the beginning is hopefully everybody knows salmon Helen both wanted all of our associates to participate in the upside of the company and we try to do that in a number of ways and one of the ways. We do that with the share purchase plan, where the company matches.
Speaker Change: 15% on the first eight in $100 per year that someone buys my wife, and I have been participating that since 1991, I think you said you've been participating for a longtime business started and when you look at the graph that chart since that time I just wish I'd bought a lot more in.
Christopher Horvers: A lot of that is artificial intelligence that helps them manage inventory better. And we're working a lot with our members, too, on personalizing how we interact with them. So we're a sea of opportunities, and I think the important thing is to choose the biggest ones and invest in those. However, that exit technology still requires a member to scan their items on their app. So scan and go is the first step. Transcription by CastingWords. Thanks for the question.
This instance, what Sam was thinking wise, let's keep the price point in a range, where it makes sense and it feels accessible because it just feels better to buy a share as opposed to a fraction of a share.
Speaker Change: And for a while now back to the spring of 2019, the Walmart share price has been over $100 and if someone is trying to buy shares through payroll deduction. It takes a while to get to a share. So what we've decided to do is to do a three to one split so if the share price today is a 165, just divide that by three and you get to <unk>.
Paul Trussell: Our next question is from the line of Paul Leshway with Citigroup. Please receive your free questions. Hey, thanks, guys. You mentioned rollbacks being up versus last year. Can you quantify that and maybe talk about what percent of those rollbacks are being vendor funded? How that compares to last year as well? And how that might also compare to how you operate rollbacks historically?
Speaker Change: $55 price point, which feels more accessible to everybody more exciting no more shares. So that's really the idea. It is and the managers are excited to hear this and as you said the associate stock purchase program is used by a lot of people are.
John Ferner: Also curious in which categories you're most focused on providing those rollbacks? Hey Paul, it's John. I'll take that question. It's Robexert, one of the program Cs in the Walmart format.
Speaker Change: Associates over 400000 associates way to go to those of you that are participating participate today, and then those who own stock over the years and over the quarter is yet to get dividends on that that's right. That's another way that as you said youll get to share in the upside of the company I think it was very early on maybe 1971 that Sam and Helen and Helen was.
John Ferner: It's up around 50% on last year, which is similar to what we reported in the third quarter. As far as categories are concerned, it's pretty evenly spread across the box. If you go back to what we said earlier about prices... General Merchandise is negative by a low single digit, so you'll see a decent number all across General Merchandise. Food, the food business has a number that are showing up quite as
Speaker Change: Was pretty adamant about this created profit sharing.
Speaker Change: And if you fast forward a couple of decades went by and the company moved to a 401K approach to retirement. The company also matches four one K investments to a degree and we do want everyone to the extent that's possible to be saving it's important even when when my family was young we tried to save in the beginning because of the compare.
John Ferner: It's a really key item that we know that our customers have responded to. Well, we took our French bread back to a dollar, which had been a dollar for a long time, and went up as inflation hit the market, and we're seeing results of that running about 40% over last year, so customers immediately responded. Rotisserie chicken's another one.
Speaker Change: <unk> our money the compounding interest compounding value of money over time is something that everybody should be aware of in the case of the share purchase plan.
It's been around for so long now that I worry, sometimes we don't talk about it enough, but maybe this moment creates an opportunity for us to remind everybody. That's one of the things. In addition to things like live better you, what we do with health care, what we do with compensation and other incentives that this is one more way that you can save for the future. Yes. It is.
John Ferner: That price has come down by a dollar, and customers are responding. And as John Davis said earlier, customers are being choiceful, and our customers are smart, and they recognize value really well, so as prices come down and we can show the value digitally or physically, we're seeing a lot of great responses. As far as funding is concerned, there is always going to be a balance. Merchants have a lot of levers in their P&L, from their initial margin to how they manage their inventory back to mix.
Speaker Change: Citing that you buy you have the upside of the match then you have the dividends and as a team. If we all perform really well I'll go back to David Glass, you always tell us our stock tracks our performance. So if we perform well over time.
John Ferner: You can improve margin by selling items that are higher-margin. You can take higher-margin items down and move sales to those items, and it shifts the entire mix of the category. It's not as easy as just one simple answer, but the merchants are, as I said earlier, doing a nice job of managing value for customers, driving rollbacks, and because of strong inventory management, we were able to save markdowns and improve gross margin on products. Our next question is from the line of Seth Siglin with Barclays. Please proceed with your question. Hey, good morning, everyone. Just reflecting on the market share gains, you know, a lot of the commentary this past year has been focused on wins with the higher-income consumer. Any more perspective on how that's been playing out within consumables versus discretionary categories and how you think about getting that customer really up that spending curve over time? And, just related, if you could speak to market share trends, perhaps across some of the other customer segments as well, that would be helpful.
Speaker Change: And the price of the stock tends to have all of that so that's the opportunity for all of us to work together improve the company serve customers all over the country at all over the world in the case of many of our businesses and we can all participate really exciting yes, John knows one of the things that's been on our mind for a while is that we can see our five year plan, we can see what we call our long range plan.
John: And as we looked at that.
John: We only give annual guidance to Wall Street. For example, you can't see the multi year plan, but the multiyear plans really exciting and so this is a moment, where we're trying to say to everyone.
John: There is an opportunity to participate in that upside and Sam said it.
John: The secret is we're all working together, we all have different jobs, but we are working together, we're a team I heard it in a listening session.
John: Today from one of our managers, who went up and said I know this is a team.
John: And it is we.
John: We have different jobs, but together, we create an outcome that looks really exciting and I think we're trying to share with everybody. As you can there is an opportunity through the 401K through the share purchase plan to participate in the upside and to help your family and develop well somebody think about retirement for some of you.
John: It's all it's all exciting and Thats available to you we want to make sure you know what it is I was with someone this morning that I met last week store manager in a major U S and in Georgia met him last week into the store and he started 20 years ago at 16 as car pusher and this morning was promoted to market manager. This morning, I was in a store with a lady.
John David Rainey: Thank you. Seth, this is John David. We're pleased with what we've seen in market share gains. In the quarter, we gained share in virtually every category. But notably, one of the biggest contributors in the quarter was this income demographic from households that make more than $100,000 a year.
John David Rainey: For general merchandise, as an example, two-thirds of the share gain that we had in the quarter was through this income demographic and digital channels. And what that illustrates, I think, broadly, is that our value for convenience is every bit as much as our value for price. And that resonates with people regardless of the size of your paycheck. And so that's one of the reasons we think that we're gaining share. Our value proposition is responding with customers, and they're clearly shopping us in new ways versus how they have historically. I'd also just comment on some of the other markets that we're into, looking at the market share gains that we've got really closely correlate with the improvements we've seen in MPS as well as the price gap.
John: Name Oriana, who you've met who came to the U S, which is 16 Didnt speak English went to school learning English and she is doing a great job as a store manager so there so.
John: So many opportunities here if you believe in your team helps people around you believe in yourself.
John: I know I'm, an optimist, we've known each other a long time and I still even yesterday said that the group I still believe our best days are ahead of US. The best days are in front of us and I've been saying that for a long time and I keep saying it necessarily but no I feel the same way when I first moved into home office from a store. It was 1991 and David Glass would say our best <unk>.
John: They are in front of us are things like that and I would think.
John: A lot has happened already and I missed.
John: The Seventy's and Eighty's when things were really really moving quickly and we were growing at a fast rate and it turns out he was absolutely right and it is weird for us now to be in that spot and feel the same way like if we do what we're capable of doing and keep working together and listen to each other there's no telling what this feature of this company it looks like that's right that's right.
John David Rainey: So I think as we look at just being really relevant from a value perspective in markets, we're seeing that the consumer is responding with improvements in traffic and also in market share. There are so many things set in there, but what customers want, they want a great price, they want a great selection, they want value, and they want... And we've been talking about for a couple of years the flexibility that we can offer that we couldn't or did not years ago, and the stores are a very important part of the e-commerce solution, including delivery but also picking and at times just being exactly what they are, which are John David mentioned convenience, and that is definitely a driver of the...
John: Its exciting the announcement was exciting congratulations to you and everyone who we are part of this it's great to be in this moment and I also believe our best times, our head in the way we talked about a team yesterday.
Many of them are on a team they lead a team, but they're part of a really big team. It's our team, it's our time and I'm really excited about the future.
Speaker Change: Thank you all thanks everybody.
Speaker Change: [music].
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Speaker Change: How are you doing Tonight fine evening.
John David Rainey: Thank you. At this time, we've reached the end of the question and answer session, and I'll turn the call over to Doug McMillon for closing remarks. Thanks for joining us today. I'm a little concerned that I'm going to be boring in my closing remarks because we're becoming quite repetitive.
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Speaker Change: Thank you.
Doug Mcmillon: We're in execution mode, and the headlines are that we believe we can grow. We're confident in our ability to grow because we're positioned to serve customers and members however they want to be served. We can provide value, and we can provide convenience, and underneath, the supply chain is changing to be more intelligent, more connected, and more automated, and that's just going to help us improve execution. From a profit point of view, we can grow profit faster than sales while investing in our associates, while investing in our business, and having flexibility on price if we need it.
Speaker Change: Ed.
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Doug Mcmillon: And we'll do that through the combination of business mix and the productivity delivered by automation. We're in a great set of countries. We can sell food. We can sell general merchandise, whatever the customer wants in the moment. And then, thirdly, we can grow ROI over time. I think we're investing in the right categories. We're very clear about the places where we're investing. We know what the expected returns are there.
Matt: Okay.
Matt: Thank you.
Matt: I would tell him.
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Speaker Change: Ladies and gentlemen.
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Doug Mcmillon: It's great to see the automation plans continuing to scale. We're in a period of time here over the next few years where that's going to be vital. But, you know, it doesn't last forever, and there's a transition on the other side, and it looks quite exciting. So I think the combination of growth, profit growing faster than sales, and ROI looks attractive here. And we'll just keep trying to get better as we go... Thanks again for your time.
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Doug Mcmillon: Thank you. This will conclude today's conference. You may disconnect your lines at this time, and we thank you for your participation. Have a wonderful day. Hey everyone, thanks for dialing in and tuning in today to The Huddle. Here with Doug at our year-end meeting here in Houston, Texas.
Daniela: Oh, Thanks, Phil.
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Dênis: Hi here.
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Doug Mcmillon: Great to be back in Houston. It's been awesome to be here. It's fun, yeah. And we have everyone here together, about 5,000 managers from our stores, our fulfillment centers, all of our supply chain buildings, a lot of our team from the home office, and you just made a pretty exciting announcement. Yeah, we did.
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Dênis: Hi, Diane Greene Israel here.
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Doug Mcmillon: I'm excited that we've made a decision, as we just announced, to split our Walmart stock three for one, actually, three to one. So that was big news today. Big news. I think, is it the first time we've done it three for one?
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Doug Mcmillon: I was looking back. Yeah, I think it is. I think the others were two to one, but I haven't checked, but I think that's right. But the history of stock splits goes back to Sam Walton, who did many in the course of his career, and then a couple since. Yeah, if you go back to the beginning, as hopefully everybody knows, Sam and Helen both wanted all of our associates to participate in the upside of the company. And we try to do that in a number of ways, and one of the ways we do that is with the share purchase plan, where the company matches 15% on the first $1,800 per year that someone buys.
Mike: Hi, Mike.
Mike: Hi.
Mike: I'll say I got them.
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Mike: Thanks.
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Doug Mcmillon: My wife and I have been participating in that since 1991. I think you said you've been participating for a long time, too. Yeah, since I started, and when you look at the graph, the chart, since that time, I just wish I'd bought a lot more. In this instance, what Sam was thinking was, let's keep the price point in a range where it makes sense and it feels accessible, because it just feels better to buy a share as opposed to a fraction of a share. And for a while now, back to the spring of 2019, the Walmart share price has been over $100, and if someone's trying to buy Walmart shares through payroll deduction, it takes a while to get to a share.
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Speaker Change: Thanks, Tom.
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Colin: Yes, Scott I think I had asked the next with similar probably well. Thank you guys.
Colin: Thanks.
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Doug Mcmillon: So what we've decided to do is to do a three-to-one split. So if the share price today is at $165, just divide that by three, and you get to a $55 price point, which feels more accessible to everybody, and more exciting to own more shares. So that's really the idea. It is, and the managers are excited to hear this. And as you said, the Associate Stock Purchase Program is used by a lot of people, a lot of our associates. Yeah, over 400,000 of them.
Speaker Change: They're the same brand.
Speaker Change: Absolutely adorable I got the medium and me because these buttoned down Sir.
Speaker Change: Thank you Ryan a little less so where it's not necessarily all that software.
Speaker Change: And similarly on it.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Hi, Tim median.
Speaker Change: It is small at Sydney.
Speaker Change: But I prefer to begin does that make sense.
Tim: Sure Ian.
Tim: The bottoms, they often have these and.
Doug Mcmillon: Way to go to those of you that are participating. And then those who own stock over the years and over the quarters, you also get dividends on that. That's right. It's another way that, as you said, you get to share in the upside of the company. I think it was very early on, maybe 1971, that Sam and Helen, and Helen was pretty adamant about this, created profit sharing.
Tim: Our long sleeve.
Tim: Hi.
Ian: Yes, Deutsche Bank, Yes, Chris do you have at any time.
Tim: Yes.
Tim: And I might be able to scan and Mike navigates the other styles in the pattern.
Tim: Also have a cherry.
Tim: Hi.
Tim: Alright.
Tim: It seems like a little.
Tim: I mean, it's kind of like that kind of like that.
Tim: My opinion on that.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Yes, Brian.
Doug Mcmillon: And if you fast forward, a couple of decades went by, and the company moved to a 401k approach to retirement. The company also matches 401k investments to a degree. And we do want everyone, to the extent that it's possible, to be saving. It's important. Even when my family was young, we tried to save at the beginning because of the compounding of money. The compounding interest, and the compounding value of money over time, is something that everybody should be aware of.
Speaker Change: So.
Brian: You can't go wrong.
Brian: Alright.
Theyre all wonderful.
Nebraska.
Brian: Okay.
Brian: Thailand for Thanksgiving.
Brian: Yes.
Brian: Alright.
Brian: It's Mike I'll now collectively.
Brian: Susan.
Brian: I have my Valentine, hopefully you'll come out with the leprechaun.
Speaker Change: Got it.
Speaker Change: Let out.
Speaker Change: Alright, great.
Speaker Change: Yes.
Your line from Iraq everything.
Speaker Change: Given that we will definitely different tonight.
Doug Mcmillon: In the case of the share purchase plan, it's been around for so long now that I worry sometimes we don't talk about it enough, and maybe this moment creates an opportunity for us to remind everybody that, in addition to things like Live Better You, what we do with healthcare, what we do with compensation, and other incentives, that this is one more way that you can save for the future. Yeah, it is. And it's exciting that you buy; you have the upside of the match, and then you have the dividends. And as a team, if we all perform really well, I'll go back to David Glass, who always used to tell us, you know, our stock tracks our performance. So if we perform well over time, then the price of the stock tends to follow that.
Speaker Change: Okay.
Speaker Change: Nah highlighted really left to pay I'm doing all right.
Speaker Change: Alright.
Speaker Change: Yes.
Speaker Change: Suddenly there'll be great to pair with the gentlemen that I just shared.
Speaker Change: Is that.
Speaker Change: You guys are just under $20.
Speaker Change: And it is.
Speaker Change: Yeah.
Speaker Change: Material, I think yesterday or something from Walmart and this material and realize that we all love.
Speaker Change: This little hard again.
Speaker Change: Can you answer the text on the screen.
Speaker Change: Super Super Star and <unk>.
Doug Mcmillon: So that's the opportunity for all of us to work together, improve the company, serve customers all over the country and all over the world, in the case of many of our businesses, and we can all participate. Really exciting. Yeah, as John knows, one of the things that's been on our mind for a while is that we can see our five-year plan; we can see what we call our long-range plan. And as we looked at that, you know, we only give annual guidance to Wall Street, for example. You can't see the multi-year plan.
Speaker Change: I'll, let you get away with your dominated that you have historically.
Speaker Change: Mary Jane.
Speaker Change: Some people are like well.
Speaker Change: Thank you.
Speaker Change: [laughter].
Speaker Change: Okay.
Speaker Change: If you are hot nature at any perforate asleep and a.
Speaker Change: Sure Hey, John that that you want.
Speaker Change: Cold like before you get it then.
Speaker Change: The.
Speaker Change: Secret here.
John: Yes, just a level current again.
John: With the pocket.
Doug Mcmillon: But the multi-year plan is really exciting, and so this is a moment where we're trying to say to everyone, there's an opportunity to participate in that upside. And you know, Sam said it, the secret is we're all working together. We all have different jobs, but we work together. We're a team. I heard that in the listening session today from one of our managers who went up and said, "I know this is a team, and it is." We have different jobs, but together, we create an outcome that looks really exciting. And I think we're trying to share with everybody, as much as you can, there's an opportunity through the 401k, through this share purchase plan to participate in the upside and to help your family and develop wealth. Some of you may think about retirement.
John: J J.
John: Sitting in your blanket.
John: Laura.
John: Okay.
John: Yes, yes, yes, yes.
And at times.
John: Yes.
John: Okay.
John: Right.
Speaker Change: Thank you Brian.
John: P.
John: Okay.
John: Yeah.
John: Okay.
John: And yes, I know Tony.
John: One last one.
Tony: Thank you.
Tony: Eli.
Tony: And.
Tony: Sure.
Tony: Ed.
Tony: No.
Tony: Let's see.
Tony: Okay.
Tony: Okay.
Tony: So.
Tony: This time I shared.
Several weeks back maybe like a magnitude again.
Tony: Yes.
Tony: So I found it right now.
Doug Mcmillon: It's all exciting, and it's available to you. We want to make sure you know it. It is. I was with someone this morning that I met last week, a store manager named Adrius in Georgia. I met him last week, went to the store, and he started 20 years ago at 16 as a cart pusher.
Tony: Okay.
Tony: Yes, and yes.
Speaker Change: Alright. Thanks.
Speaker Change: Let me just tell you.
Speaker Change: The <unk>.
Speaker Change: Purple is gone.
Speaker Change: Hi, it's a lot right there.
Doug Mcmillon: And this morning, I was in a store with a lady named Oriana, who you've met, who came to the US when she was 16, didn't speak English, went to school, learned English, and she's doing a great job as a store manager. So there are so many opportunities here if you believe in your team, you help the people around you, and you believe in yourself.
Speaker Change: Winter right Lynne.
Speaker Change: A little bit different setting, but I meant to bring that.
Speaker Change: It's in mind.
Speaker Change: I have a closet.
Speaker Change: Lovely.
Speaker Change: So leave aside I'm pretty sure I got a medium in this one.
Speaker Change: Got it.
Doug Mcmillon: I'm an optimist. We've known each other for a long time. And I still, even yesterday, said to the group, I still believe our best days are ahead of us. The best days are in front of us. And I've been saying that for a long time, and I keep saying it, and I still believe it. I know. I feel the same way. When I first moved into the home office from a store, it was 1991, and David Glass would say, our best times are in front of us, or things like that. And I would think, a lot had happened already. And I missed the 70s and the 80s, when things were really, really moving quickly, and we were growing at a fast rate.
Speaker Change: And that one anyway all of these just mix.
Speaker Change: Sweaters are amazing and you can just download lightnings and dislike Phil are you can totally just map with a bunch of jewelry.
Speaker Change: Yeah.
Speaker Change: The FERC.
Speaker Change: And make them Super cute.
Speaker Change:
Speaker Change: Let's see.
Speaker Change: I think mass color Sean.
Speaker Change: Yeah.
Speaker Change: Oh, okay.
Speaker Change: Chinese.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: He has been excellent.
Speaker Change: Uh huh.
Speaker Change: Yes, okay.
Doug Mcmillon: And it turns out he was absolutely right. And it is weird for us now to be in that spot and feel the same way. If we do what we're capable of doing, and keep working together, and listen to each other, there's no telling what the future of this company looks like.
Speaker Change: Loved that.
Speaker Change: One of my favorite and then it was one of my top Keller.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Got it.
Speaker Change: Okay.
Speaker Change: Thank you gentlemen.
Speaker Change: Okay.
Speaker Change: Can you have the tough comp.
Speaker Change: Comp.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: So.
Doug Mcmillon: That's right. That's right. Well, it's exciting. The announcement was exciting. Congratulations to you and everyone who'll be a part of this. It's great to be in this moment. And I also believe our best times are ahead. And the way we talked about a team yesterday, many of them are on a team, they lead a team, but they're part of a really big team.
Speaker Change: Parcel on the topic of smartphone.
Speaker Change: Subject topic.
Speaker Change: This card again.
Speaker Change: Adorable I love that.
Speaker Change: And Pascal <unk> and.
Speaker Change: And while it does not.
Speaker Change: Go ahead.
Speaker Change: This is the closest they have so my store had this I immediately got.
Doug Mcmillon: It's our team, it's our time, and I'm really excited about the future. Me too. Thank you all. Thank you, everybody. See y'all in chat. We're here.
Speaker Change: And.
Speaker Change: The pool, the kids I mean, how cute.
Speaker Change: And they.
Doug Mcmillon: It's eight o'clock. I made it. Okay. Let me get this all set up.
Speaker Change: Thanks, Thomas item online.
Speaker Change: So this is the closest second time.
Doug Mcmillon: How are y'all doing tonight on this fine evening? It's not been a fine day. It's been a really horrible weather day. Have y'all been in any horrible weather situations?
Speaker Change: Commentary, Tim Im sure you. This one is just a little bit more senior.
Speaker Change: Yeah I guess.
Speaker Change: It's not going to keep the quietest and be more of like a filler or style.
Doug Mcmillon: Hey, go, hey. Thanks. Hiiiiiii!
Speaker Change: But basically the same comment and then I'll take him.
Doug Mcmillon: I don't know how you say that. Oh no, it takes me a second to get all situated. Hi. Hi, Sarah. Hi, Melissa. You guys we're just going on. We're gonna have a real chill time tonight. It's been... really felt like a Monday for sure. Hi Leanne. Hi Ludi.
Speaker Change: Yes.
Speaker Change: The peak right.
Speaker Change: Ryan.
Ryan: Hi, guys.
Ryan: The medium and the high.
Ryan: Hey, rich.
Speaker Change: It is.
Doug Mcmillon: Hi Ashley. Hi Sam. Hi Kyla.
Speaker Change: But this small let it so let's just again personal preference however, you like.
Doug Mcmillon: Your power's out, in a hot, hot mess, and that would be more of a hot mess than I am in every day if I had this power right now. Hey, Sherry. Hi, Connie. Hi, Lisa.
Speaker Change: Yes.
And then also comes in Black.
Speaker Change: Right.
Doug Mcmillon: Thank you. I do look so cute. I'm telling y'all. I need to navigate to the, literally, Walmart. Literally Walmart.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Alright, let's do a policy.
Speaker Change: Right.
Doug Mcmillon: Even my shoes, jiffy lube. But these pajamas, let's see if I can click on this first. If you didn't get them on my story, if you did not, what are you waiting for? Let's go ahead and just pull that you can get them right now because they are $6.45. I'm out! Hold on. Hold on. They were $6.20 earlier.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: I wish we could do.
Speaker Change: I'll actually let in vehicle.
Speaker Change: Thanks.
Speaker Change: Thanks.
Speaker Change: The pajamas Neil.
Speaker Change: You cannot go wrong.
Speaker Change: Got it wrong with this.
Speaker Change: Alright.
Speaker Change: Yes.
Speaker Change: Mark.
Speaker Change: We have.
Doug Mcmillon: I don't know it. Oh, oh, well, if you didn't buy one of my stories, you missed the boat, honey bunches, because they're now back up to $14.98. It's fine, though. I paid $14.98 for these.
Mark: Okay, if you like the blue color.
Mark: I got you just a little bit of a different style. So this is basically.
That card again.
Mark: But it goes all the way out and let's address how is.
Doug Mcmillon: It wasn't until I looked up fees to share with y'all, and I'm like, oh my god, I got ripped off, and y'all are getting a deal. Oh, they're sold out. Oh, and your size is all sizes. Medium. If you're a medium girl, hop on it. Hibernate. Hi Carol.
Mark: Yeah.
Mark: No.
Mark: I guess it depends on where you live that you could take this into the spring.
Mark: A little bit of a colder climate, you've grown your denim jacket and call. It E. Sir.
Mark: Uh huh.
Mark: Or you can will inherently.
Doug Mcmillon: Okay, so yes, these come in this pink leopard print, and they come in a regular gray leopard, I think. Yeah, yeah, and you can navigate to the colors. I do believe, um, that green is real cute, and you also got green, or do I have to know, yay malfunctioning Barbie. Thank you for watching. Okay, so I'm in the small, and I would say they're probably pretty true to size.
Mark: Paul.
Mark: The winter.
Mark: No clean.
Mark: We just plan to add.
Speaker Change #101: Got it.
Speaker Change #101: And that's really pretty PL color.
Speaker Change #101: The blue color.
Speaker Change #101: Black.
Speaker Change #101: Yes.
Speaker Change #101: Okay.
Speaker Change #101: No.
Alright.
Speaker Change #101: Yes.
Speaker Change #101: Okay.
Hi.
Speaker Change #101: Hi, Mike.
Speaker Change #101: Okay.
Speaker Change #101: Hi.
Doug Mcmillon: You can go at all, or SO, This is where they give me the bottoms are like a jogger, have that like the elastic at the ankle, they get tighter, then there's kind of loops throughout, and have this little tie. I have mine cut, but I also got them in The paint, the solid paint, which I'm pretty sure all the solid paints are sold out in every size. Bye. They're like super buttery soft.
Speaker Change #101: Is there any have you guys yes.
Lynn: This is Lynn.
Lynn: And it.
Lynn: Like I said I guess measure side is more like a small now.
Speaker Change #103: Hey, guys.
Speaker Change #104: It's not going to be Lee this is going to be more like instead.
Speaker Change #104: Yeah.
Speaker Change #104: Hi.
Speaker Change #105: Our work for consumers it's.
Speaker Change #106: Right hand.
Speaker Change #106: Yeah.
Speaker Change #107: Thank you.
Speaker Change #107: Okay.
Doug Mcmillon: I love the ribbed material, and if I were a pajama. I could never walk by these and not grab them. Oh Lord. Sorry, this is not an easily movable chair.
Speaker Change #107: I don't know Orion mine went blank.
Speaker Change #107: Hi, Brian.
Speaker Change #107: Brian.
Speaker Change #107: Alright.
No.
Speaker Change #107: So yeah, there is that and again under twin ADP there al.
Speaker Change #107: Great deals.
Speaker Change #107:
Doug Mcmillon: All right. You got them for $6.48. So praise God. A lot of y'all did, based online.
Speaker Change #107: Now a lot of you all are here for today's TD, which is then sebree charge.
Doug Mcmillon: Insights, whatever you call them. So yes, grab these. I'm gonna go ahead and move on to the next with some of y'all are probably a little sick of those already. I got a size small. I would say they're pretty true to size, um let me see if i can share these These, however, , , , , , , , , , Yep, here they are.
Speaker Change #107: Oscar.
Speaker Change #107: Isn't it.
Speaker Change #107: Yes.
Oscar: Is this not the best.
Oscar: Shrinking.
Oscar: I Love Love Love Love Love there.
Oscar: One that I had.
Oscar: And the other retailer.
Oscar: Yes.
Oscar: And then fill it out.
Doug Mcmillon: Okay. These pajamas that you've seen in my last two reels are the same material, same brand, same, but they're not ribbed. Same material as in like the soft, stretchy ones. These aren't ribbed, but they're the same brand. Absolutely adorable. I got the medium in these because these buttoned-down shirts tend to run a little short, not necessarily small, but short.
Oscar: This is a pretty lumpy like that.
Oscar: Right right.
Oscar: Sure.
Oscar: He does not insane.
Oscar: Dan.
Oscar: The sea turtle, which I'll, let again a lot of good green.
Oscar: Black.
Oscar: And why and lots of black sticking on the line.
Doug Mcmillon: And I like some links on it. I sized up to a medium, and I'm glad I did. A small fits me, but I prefer medium. Does that make sense? The shirt and the bottoms they also have these and, A long sleeve. Yes, Joyce Bunn. Yes, Christy. They do have an address.
Oscar: Sure.
Oscar: So black leggings and your Bakken.
Oscar: Yeah.
Oscar: Robert.
Oscar: But of course.
Oscar: And actually small 33 accident I believe it's really start and all sizes.
Oscar: And obviously you can see that.
Doug Mcmillon: Yes, um, at the end, I might be able to go and like navigate to the other styles in this pattern, but they also have a cherry. Look how cute! Look how cute! It's like a little... I mean, it's kind of like that, kind of like this. This is cuter, in my opinion, but I love that. It's super cute. And, okay. So yeah, Joy Fund, Walmart, Joy Fund, Pajamas; you can't go wrong buying any of them. They're all wonderful.
Oscar: <unk>.
Oscar: Is a lot more.
Speaker Change #109: Right then what it says it's not like that.
Speaker Change #110: Thank you Shan.
Speaker Change #110: As shown on line and this is like a high level.
Speaker Change #110: It's been it's Danielle <unk>.
Speaker Change #110: <unk> level of it and it's also not going to be secret sauce.
Speaker Change #110: Not like a crop.
Speaker Change #110: I wouldn't say, it's super long.
Doug Mcmillon: Remember I got the pumpkin pie ones for Thanksgiving. Love those. All right, it's my thing. I'm now collecting these for like every season. I'll have me a Valentine. Hopefully, they'll come out with a leprechaun.
Speaker Change #111: Thank you.
Speaker Change #111: So to me today.
Speaker Change #111: Yeah.
Speaker Change #112: Got it.
Speaker Change #112: Mrs.
Speaker Change #112: Okay.
Speaker Change #112: Yes.
Speaker Change #112: Yes.
Speaker Change #112: Is that market.
Doug Mcmillon: What else? Easter bunnies. All right. So we got the... I left my racket over there.
Speaker Change #112: So actually.
Speaker Change #112: Please Brian.
Speaker Change #112: So you're going to see nice thing too.
Doug Mcmillon: We do it a little different, different tonight. Okay. Next, but I would really love to pay. I'm doing all right. It's fine.
Speaker Change #112: <unk>.
Speaker Change #112: Okay.
Speaker Change #112: Okay.
Speaker Change #112: Now my office that Sandra.
Doug Mcmillon: Something that would be great to pair with those pajamas that I just shared. You guys, this is under $20, and it is the same material. I think I will share something from Walmart in this material. Every Life that we all love.
Speaker Change #112: Next thing.
Okay utilize this morning.
Sandra: Good morning.
Sandra: Slightly mind standing.
Doug Mcmillon: This little cardigan. Can you see the texture on the screen? Plus. Super, super soft, and the material that you could wear with your pajamas if you have the short sleeve version. Some people are like real...
Sandra: Yeah.
Sandra: Is that from my level.
Sandra: Question.
Sandra: Okay.
Sandra: Thanks.
Sandra: Hey, Jim available.
Jim: Yes Tammy.
Jim: Is there a favorable.
Doug Mcmillon: Cutting my hair out, um, if you are hot-natured and you prefer to sleep in a short pajama that you want that you're cold, like before you go to bed, Well, that is super cute. So it's just a little cardigan with the pocket, and it's like you're just sitting in your blanket. Literally like a blanket.
Tammy: Yes, hi.
Tammy: Got you.
Tammy: Okay.
Tammy: Yeah.
Tammy: That's true.
Tammy: I think the last bulky.
Tammy: Sorry on your neck.
Tammy: Sure.
Tammy: Right.
Tammy: Good afternoon and expense.
Doug Mcmillon: Yeah, yes, yes, yes. So cozy, and it comes in, Why? Red, like a rose. I think that's what they call it. Hmm. And under 20.
Tammy: Thanks.
Tammy: Oh, Yeah, no you know.
Tammy: Yeah.
Tammy: Okay.
Tammy: Yes, I am and the small.
Tammy: Well I'd say its sheer size.
Tammy: And then I don't think that these little.
Doug Mcmillon: So I love, love, love this. I'm going to take it off because I get real hot with these lights and showing all this to y'all. Next up, let's see. Best Buy.
Tammy: Thanks.
Tammy: Since then.
Tammy: Okay.
Tammy: Yes.
Tammy: Patton.
Tammy: Yes.
Tammy: All right.
Doug Mcmillon: So this top I shared a few weeks back, maybe like a month or two ago, y'all loved it. So I found it, or I thought I found it and another one. Let me just tell you that you can't get this one. The purple is gone, but it's a lot like this winter white one. A little bit different stitching, but I meant to bring that one in here. It's in my other closet. Um, love love love that glitter if it's true to size. I'm pretty sure I got a medium in this one, but I want to say I got a small in that one.
Tammy: Got it.
Tammy: Thank you.
Tammy: I tried to hide it had been.
Tammy: Sure.
Tammy: Okay.
Tammy: Has everyone added to cars.
Tammy: Okay.
Tammy: Moving on.
Tammy: Okay. That's it got here today.
Tammy: Hoping that we'd get here on time.
Tammy: This pool waffle shack.
Tammy: Waffle, a wellness whether that be food or clothing.
Tammy: Waffle.
Doug Mcmillon: Anyway, all of these just mix. Stitch sweaters are amazing. And you can dress them down with leggings and just like chill, or you can totally dress them up with a bunch of jewelry, boots, a fur coat, and make them super cute. Let's see if it will show me on here. I think most colors are showing out there. Ow, it's killing me. It's telling me it's having technical issues.
Tammy: So you can wear the.
Tammy: So any differently and then with the tank button.
Tammy: Button with the Vas with a denim jacket. This is just like a good staple piece to have in your call it that.
Tammy: Yeah.
Tammy: Yes.
Tammy: Okay.
Tammy: Okay.
Tammy: And.
Tammy: Hi, Dave.
Tammy: So I got the median.
Tammy: And.
Tammy: They have their own trials SaaS.
Doug Mcmillon: There we go, yeah, so if you happen to be in Excel, it looks like that's in stock. Yeah, so love that. It was one of my favorites, and it was one of my top sellers for like two weeks. Thank you for listening. Bye. Bye.
Tammy: You, usually don't have something I can link.
Tammy: As much as 90 Tonight.
Tammy: And then also kind of underpins not your thing.
Tammy: Okay.
Tammy: Just kidding.
Tammy: But then I will take him and grain.
Tammy: Navy.
Doug Mcmillon: I get so messed up when this stuff gets out of stock, and I have this whole plan, and then it's gone. Okay. Here's this one. Okay. So... Purple. On the topic of purple, subject, topic, this cardigan is adorable. I love the pastel purple. And while it is not this one, this is the closest they have.
Tammy: While the disease.
Tammy: With everything.
Tammy: Alright.
Tammy: Okay.
Tammy: Okay.
Tammy: Almost Stephen Hagge Ms Zhang.
Speaker Change #116: It's awkward.
Speaker Change #116: Yes.
Speaker Change #116: Alright.
Speaker Change #116: Sure.
Speaker Change #116: Okay.
And then taking two should that be.
Speaker Change #116: Okay.
Speaker Change #116: Okay.
Speaker Change #116: You can see.
Speaker Change #116: Scott Beattie rich.
Doug Mcmillon: So my store had this. I immediately got it and the pink one because I mean, how cute and they said they don't sell this item online. So this is the closest I could find. Time and true, time and true.
Speaker Change #116: And do you have of him.
Scott Beattie: Hi, Lou.
Scott Beattie: Yes.
Lou: No need to worry about that.
Lou: Okay.
It probably covers the situation here.
Doug Mcmillon: This one's just a little bit more sheer. Yeah, I guess it's not gonna keep you quite as warm.
Lou: Little bit more leery about now.
Lou: But for sure you appreciate your body.
Lou: Maybe its Quebec.
Doug Mcmillon: It's gonna be more of like a for looks and style. But basically, the same colors and also comes in the pink like this one. I size up to a medium in these just because I like more of an oversized fit for my sweaters, but the small would have fit, so it's just again personal preference, however you like your items to fit you. And then it also comes in black block and cream and PopLife. All right, let's do a poll and see the last two favorites.
Lou: And now you are now.
Lou: So.
Lou: Yeah again this is an AGM.
Lou: In something like this I definitely wed want their medium I would not want to size down to be small I would not like that.
Lou: Yes.
Lou: Particular style.
Lou: So.
Lou: If you like.
Lou: Well, Matt I love, it and its not secret heavy not Super light I would say, it's not that median medium Blake.
Doug Mcmillon: I wish we could do one of these in the storehouse. Oh, it actually wouldn't be cool. People would be staring.
Lou: Yeah.
Doug Mcmillon: People stare. Oh, the pajamas. Knew it. You cannot go wrong. Cannot go wrong with those.
Lou: But these are so nice that as they go at lagging genes.
Lou: Hi.
Lou: No.
Doug Mcmillon: All right. Next up, we have, Okay, if you like the pink color, I got you. Just a little bit of a different style.
Hey, Jeff Birnbaum.
Jeff Birnbaum: Yes, Sir.
Speaker Change #120: Whatever you decide.
Doug Mcmillon: So this is basically like that cardigan, but it goes all the way down, and it's a dress. How cute is that? So. I guess it depends on where you live, but you could take this into the spring. If you live in a little bit of a colder climate, you can throw on your denim jacket and call it Easter, or you can wear it with your tall boots and Be Winter.
Speaker Change #121: Go ahead.
Speaker Change #121: Okay.
Speaker Change #121: Okay.
Speaker Change #121: Hi, this is going to be depressed.
Speaker Change #121: I don't know.
Speaker Change #121: Yeah.
Speaker Change #121: Right.
Speaker Change #121: <unk> been people.
Speaker Change #121: So.
Speaker Change #121: If you are one X.
Speaker Change #121: Today is your Lucky day, I think onex to <unk> at <unk> Dot.
Speaker Change #121: Okay.
Speaker Change #121: The pink line.
Speaker Change #121: <unk> one <unk>.
Doug Mcmillon: Pink Snow Queen, which I don't plan to wear. But it comes in this really pretty teal color, the pink color, and black. Yeah. Are y'all still here?
Speaker Change #121: So sizing raspberry.
Speaker Change #121: I got the medium.
Speaker Change #121: And I would say it.
Speaker Change #121: I would say I think that in this call.
Doug Mcmillon: I hope you understand me. My mind just went wild, um, is there anyone who decides? Yes. So I tried this one on, and it... Like I said, I guess my shoe size is more like a small now, and it fit me well.
Speaker Change #121: So if that gives you any help.
Speaker Change #122: Got it.
Speaker Change #122: Okay.
Speaker Change #122: Dan.
Speaker Change #122: It's how the median.
Speaker Change #122: <unk>.
Speaker Change #122: This little fit that's going to be more of like an average sized carrier base versus like at <unk>.
Doug Mcmillon: It's not going to be loose. It's going to be more like a fitted dress. All right. Are y'all still here? Can someone just raise a hand? Do the hearts need it?
Speaker Change #122: Sure.
Speaker Change #122: Sure.
Speaker Change #122: But this leaves are nice, but leann sleeves atlantica Blayne. Please.
Doug Mcmillon: Okay, you're here. Okay. I don't know why mine went black, and it's like completely gone.
Doug Mcmillon: It's fine. As long as y'all are here, all right. So yeah, there's that. And again, under 20, these are all great deals.
Speaker Change #122: And then Scott.
Speaker Change #122: Alright.
Speaker Change #122: Oh.
Speaker Change #122: What I mean.
Speaker Change #122: Thanks.
Doug Mcmillon: I know a lot of y'all are here for today's OOTD, which is this Supercharged Pink Puffer. Get it, y'all. Is this not the best? It's freaking pink. I love, love, love, love, love, love it.
Speaker Change #122: I knew it wasn't last but I have again I mean.
Speaker Change #122: Yeah.
Speaker Change #122:
Speaker Change #122: And then.
Speaker Change #122: Wow.
Speaker Change #122: Yes.
Speaker Change #122: No.
Speaker Change #122: Yes.
Speaker Change #122: Thanks, Dan.
Speaker Change #122: <unk>.
Speaker Change #122: Is that right.
Speaker Change #122: Sure.
Speaker Change #122:
Speaker Change #122: Okay.
Doug Mcmillon: So the one that I had from the other retailer that y'all love that has been sold out. I actually think this is a prettier piece. It's like a bright, but it's not as deep.
Speaker Change #122: Carl.
Speaker Change #122: Is that as you because that is edouard.
Speaker Change #122: In 'twenty that cant be that.
Speaker Change #122:
Speaker Change #122: Okay.
Speaker Change #122: This is more of a.
Doug Mcmillon: It's so, so pretty. As pink is not your thing, it comes in the sea turtle, which I love a good green, black, and white. And I love the black stitching on the white. Is that not adorbs?
Speaker Change #122: Alright.
Speaker Change #122: Right.
Speaker Change #122: Yes.
Speaker Change #122: Okay.
Speaker Change #122: Okay.
Speaker Change #122: Yeah.
Speaker Change #122: This is like a little more charge will soon.
Speaker Change #122: Hi.
Speaker Change #122: Have a great thing.
Speaker Change #122: How do you see it.
Speaker Change #122: Yeah.
Speaker Change #122: And the yen.
Doug Mcmillon: So cute with black leggings, and you're black and white on a cloud. Wow. Love.
Speaker Change #122:
Speaker Change #122: Walmart like Maine.
Speaker Change #122: Slide eight.
Speaker Change #122: Brand.
Speaker Change #122: Okay great.
Doug Mcmillon: But of course, pink is my favorite, comes in extra small 33X, and I believe it's fully stocked in all sizes. And obviously, you can see that the paint is a lot brighter than what it shows. It's not like that it's like fuchsia what's shown online, and this is like hot bubble gum. It's good. It's good, y'all. I love, love, love it. And it's also not going to be super short. It's not like a cropped vest. I wouldn't say it's super long.
Speaker Change #122: This is kind of like a little carefully.
Speaker Change #122: Then.
Speaker Change #122: Moreover, this is kind of like a spandex material plc.
Speaker Change #122: Spandex material.
Speaker Change #122: It had some holes in them.
Speaker Change #122: And it's gotten a little.
Speaker Change #123: Hi, guys.
Speaker Change #123: Yes.
Speaker Change #124: Hi, Ronny.
Speaker Change #125: I don't think so.
Speaker Change #125: Got it.
Speaker Change #125: Yeah.
Doug Mcmillon: I mean, if you saw it on me today, you'll know, but... about where it comes from. So cute, this is a small, it's got pockets, the pockets are actually, fleece lined, so you're going to stay nice and cozy, um, and I burnt up. I burnt up all day wearing this now. My office does stay a little hot, but I love it. It's got the little neck thing, and the hood, which I utilized this morning, because it was down pouring absolutely mind-sanding, um Thank you for. Yes, Tammy, the head is removable.
Speaker Change #125: Okay.
Speaker Change #125: I Love I love it like this.
Speaker Change #125: The Chilean Mommy uniform, yes.
Speaker Change #125: But yes, there's no pocket just like.
Speaker Change #125: No nothing.
Speaker Change #125: So in on it but it's nice to just have something to grab and go an airline that doesn't take much.
Speaker Change #126: Oh, sorry.
Speaker Change #126: Yes.
Speaker Change #127: So Ken Beth.
Speaker Change #128: Ms Keller grain.
Speaker Change #128: Okay.
Speaker Change #128: Of course it somehow.
Speaker Change #128: How critical is that Perry Perry Winkel.
Speaker Change #128: Maybe.
Doug Mcmillon: Yes, girl, I got you. Yay! I look cute! So, like, if you like, the less bulky... up around your neck. Oh Lord, I've just exposed some tracks.
Speaker Change #128: And you're like Oh, sorry.
Speaker Change #129: Alright, great.
Speaker Change #129: Hi.
David Glass: Hi, David.
David Glass: Okay.
David Glass: Thank you Dan.
David Glass: Hmm, another well kind of athleisure side sure.
Doug Mcmillon: Oh, if you know, you know. Okay. Yes, I am in the small. I would say it's true to size, um, and then I've also got these little cinch things you want to like cinch your waist in. Time for other items at New Enforcers. Have a good one!
David Glass: This has been a lot of kind of like.
David Glass: Shell shell thing.
Dan: That's what we're all doing.
Dan: Yes.
Dan: So trying to make it.
Speaker Change #132: Alright, here's the time.
Speaker Change #132: This is just a little.
Doug Mcmillon: The name's going up, if you know you know. I tried to hide them with a headband. We're shining over here. Okay. Has everyone added to the class?
Speaker Change #132: The city.
Speaker Change #132: And I'll say it.
Speaker Change #132: Now, they're not they're sold separately.
Doug Mcmillon: Okay, moving on. Okay, this got here today. I was hoping it would get here on time.
Speaker Change #132: Hey.
Josh: Hey, Josh.
Josh: And the coordinating penny.
Doug Mcmillon: This pink waffle shacket. Y'all, if it's waffle, I want it. Whether that be food or clothing, I love a waffle. So you can wear these in so many different ways. Unbuttoned with the tank, buttoned, buttoned with a vest, with a denim jacket.
Josh: This material.
Josh: It's not spend.
Got it.
Josh: Yes.
Josh: Chris Dan.
Speaker Change #134: I do not believe.
Speaker Change #134: Super Super Super soft and the inside its fleece line.
Doug Mcmillon: This is just like a good staple piece to have in your closet. , , , , , , , , , Ever, and I did size up so I got the medium, and let's have a little trial and stash tonight aren't we usually don't have stuff that i can like put on as much as I did tonight. But it also comes with pink's not your thing. Don't know why you're here.
Speaker Change #134: Whenever you're kind of song Min.
Speaker Change #134: Minimal stretch material on outside placed on the inside.
Speaker Change #134: In our London matching.
Doug Mcmillon: Just kidding. But it also comes in green, maybe, and Beige.
Speaker Change #134: Hum.
Doug Mcmillon: I love a good beige. It goes with everything. I need an assistant to come unbutton all my stuff and hang all my stuff so I don't have these awkward poses. All right. Am I taking too long?
Speaker Change #134: Black grey.
Speaker Change #134: Pamela.
Speaker Change #134: And marine and rail out.
Speaker Change #134:
Speaker Change #134: But taken block I say, yes.
Speaker Change #134: And I got in a small.
Speaker Change #134: These will look a little bit I'm not sure it'd be done, yes, I was actually going away. This today.
Doug Mcmillon: Should I be doing this? Okay. So, you can see... It's got booty coverage.
Doug Mcmillon: See how the hem is like a high-low? So it covers your booty. No need to worry about that. It probably covers this situation too, but I'd be a little bit more leery about all that.
Speaker Change #135: No we're not.
Speaker Change #135: And that does cause I need.
Speaker Change #135: And the water.
Speaker Change #136: We are upheld.
Doug Mcmillon: But for sure, for sure, you'll be. Or maybe it's because I don't have my booty anymore. If you know, you know. So. There you go, this is the medium. In something like this, I definitely would want the medium.
Speaker Change #136: Horrible.
Speaker Change #136: But these are again.
Speaker Change #136: Again like Ed Joggers style.
Speaker Change #136: And jogger styles are always like.
Speaker Change #136: Bigger theyre not so.
Doug Mcmillon: I would not want the size down to be small. I would not like the way that that fits, just for the particular style. Ciao, size up if you like. The waffle mix. I love it. And it's not super heavy. It's not super light.
Speaker Change #136: So.
Speaker Change #136: But I like the little design.
Speaker Change #136: The baby Tula has taught how does that little piece of trend.
Speaker Change #136: Okay.
Speaker Change #136: Yes.
Speaker Change #136: Right.
Speaker Change #136: Yeah, Thanks, Scott Little pocket.
Speaker Change #136: Yes.
Doug Mcmillon: I would say it's about a medium, medium weight, but these are so nice because they go with leggings, jeans, um, really any kind of bottom, so then you can dress them up or dress them down with your shoe. Whatever shoe you decide. Mm-hmm. I was just going to be depressing.
Speaker Change #136: Simple as that let me now over to that.
Speaker Change #136: Pam.
Pam: Okay. Thank you.
Pam: Sam Hospice, you guys and it washes Wow. Thank you Sam.
Pam: Very good.
Pam: Alice Washington.
Pam: Washington, and this is Joey spoke stuff washes, great. Its all my Christmas Pajamas.
Doug Mcmillon: I don't know if this one's in stock, but... I know it's in stock in some people's sizes, so... If you are one at, today is your lucky day. I think 1X, 2X, 3X, it's all in stock, the pink one. Same for the pink ones, 1X, 2X, 3X. For sizing reference, I got the medium, and I would say it. I would say I could sit in the, So if that gives you any help on sizing, this medium works, this one will fit. This can be more of like an oversized cover your booty fit versus like a shorter, more fitted sweater, but the sleeves are nice, the land sleeves. I love a good blend sleeve, and it's got the heart all over it.
Pam: Hi.
Pam: My Joycean Christmas Pajamas.
Pam: And Green Christmas pattern.
Pam: Hey, Paul watched great.
Pam: Alright.
Pam: I'm just looking at.
Pam: So Barry.
Pam: Yes.
Pam: Sure.
Pam: Anyone who.
Speaker Change #138: Does that.
Speaker Change #138: The difference in the calendar to see how I can double Dummied hot.
It is freaking lumpiness, it's almost like my head Dan.
Speaker Change #138: And this is more of like your traditional keisha.
Speaker Change #138: So anyway, the best Flicks Asia, Yes.
Doug Mcmillon: I knew it wouldn't last. I knew it wouldn't last, but I had to get it because, I mean, it's cute, and then... someone, looks like 2X and 3X are that one as well. Um, but hey, grab it up, girl. Grab it up. If that is you, because that is adorable and 20 bucks.
Speaker Change #138: The online picture.
Speaker Change #138: Jessica Please rins finger on the button to emphasize on top okay.
Speaker Change #138: Since then.
Speaker Change #138: And actually to the Black Knight Alice marrying today.
Speaker Change #138: Is athletic works on here, let me go ahead.
Doug Mcmillon: Can't beat it. Um, Okay. This is more of a... Sorry, I'm getting sidetracked. Evercore. This is like a little more casual option.
Speaker Change #138: Yeah.
Speaker Change #138: Yes.
Speaker Change #138: Yes.
Speaker Change #138: This is also the black said that home today is I'll say athletic works.
Doug Mcmillon: I love everything. How do you say it? Avia, Avia, um it's Walmart's main athletic uh brand. Great, great. This is just kind of like a little purple-y. More of a fitted style. This is kind of like a spandex material. Spandex material. It has thumb holes in the arm. It's got the little... Snatch thingies, I guess if you wanted to. I don't buy this stuff to work out, and I buy this stuff to look like I work out.
Speaker Change #138:
Speaker Change #138: However, it's about half the price and that is because.
Speaker Change #139: Okay great.
Speaker Change #139: If you ever hear us talk about.
Speaker Change #139: Sure.
Speaker Change #139: Yes.
Speaker Change #139: But this one is going to be.
Speaker Change #139: More and more traditional like.
Speaker Change #139: Gil then sweat shirt material.
Speaker Change #139: My mom many order sweat shirt has like a company name that that material that is when this is.
Doug Mcmillon: I love it though, like just chilling, mom uniform, yeah, um, but yeah, there's no pockets, it's just like a normal top. Nothing too special about it, but it's nice to just have something to grab and go and throw on that doesn't take much effort or fault. That is so cute. So, it comes in this color, a gray. Ooh, that one.
Speaker Change #139: The ones that I, just shared are more of like a luxury like that.
Speaker Change #139: Like it stepped up.
Speaker Change #139: And that's why they're a little bit more expensive, but it's more quality.
Speaker Change #139: Yeah.
Speaker Change #139: When does that kick.
Speaker Change #140: Hit me up on this one.
Doug Mcmillon: Question. Look how pretty. What is that, peri?
Speaker Change #140: I had this small in these as well.
Doug Mcmillon: Like a periwinkle? Love that. Maybe you can find it in your local store or The Gray. I didn't even check the size of the availability.
Speaker Change #141: First off.
Speaker Change #141: <unk> I'm like what.
Speaker Change #141: The Atlanta had these on and they are big and Patti I'm like well Dang.
Doug Mcmillon: Okay, so here's this. I have another little kind of outlier set to share. This hall has been a lot of kind of like, "Chil." Chill thing. That's what we're all doing at the beginning of the year, right? Shelton, trying to make it.
Speaker Change #141: I need that attitude.
Speaker Change #142: Uh huh.
Speaker Change #142: And Edward.
Speaker Change #142: So I would size down.
Speaker Change #142: And the doctors.
Speaker Change #142: And does that.
Speaker Change #143: Yes, yes, they're all saying that size down.
Speaker Change #143:
Speaker Change #143: And like.
Doug Mcmillon: All right, here's the time out. This is just a little basic hoodie and pant outfit. Now they're not, they're sold separately, so they have the joggers and the Coordinating Hoodie. This material... It's not FANDAX, but it's not a hundred percent, Hi, I do not, but it's like super soft, super soft, and the inside is fleece lined so, whatever kind of soft, minimal stretch material on the outside, fleece on the inside, and I love a matching set.
Speaker Change #143: Anthony I guess hearing jewelry designs get to half.
Speaker Change #144: Hello, Mike.
Mike: Yes, let me my first tech Alexander for a true my games, but.
Mike:
Mike: With Vascepa company today and pairing it with that Beth was.
Mike: Sure.
Mike: Oh it will.
Mike: Alright, let me click the search.
Mike: With that also mcl $8 I think this is cheaper than at Chick Fil a number line.
Doug Mcmillon: I mean, you can't go wrong. I think it comes in handy. Black, gray, camera with that cure sign, and maroon, merlot, um, but pink and black are my faves, and I got this small. These look a little big. I've not tried them on yet. I was actually going to wear this today, but then I was like, no, I'm wearing that. Wearing that vest because I need the hood and the water and repellent because it was horrible.
Speaker Change #145: So skip lunch tomorrow and buy yourself a shirt.
Speaker Change #145: Yeah.
Speaker Change #145: Yeah.
Speaker Change #145: That's pretty.
Speaker Change #145: Yeah.
Scott Beattie: Hi, Scott.
Scott Beattie: Chemical players really pretty.
Scott Beattie: The traditional.
Scott Beattie: Great.
Scott Beattie: Great.
Scott Beattie: Stifel Great.
Scott Beattie: Yes.
Scott Beattie: Got it.
Scott Beattie: Next.
Scott Beattie: The next stop.
Scott Beattie: Hi, Jason.
Scott Beattie: And I don't have them.
Doug Mcmillon: But these are, again, like a jogger style, and jogger styles are always bigger; they're not fitted like leggings, so but I like the little design on The booty kind of how it has that little piece of trim. I think you can see that. Anything to help the buttocks area, right?
Scott Beattie: Hi.
Scott Beattie: Yes.
Speaker Change #146: Hey, My sneakers.
While these are not the one.
Speaker Change #146: Let's see.
Speaker Change #146: We did that.
Speaker Change #147: Good morning, guys.
Speaker Change #147: So well, let me navigate tune if you all can see that I have this pair.
Speaker Change #147: Don't get excited you can't get that here, but you can get the sister pare It looks like then.
Doug Mcmillon: So yeah, it's got a little pocket. Simple as that. Let me navigate over to the... PAN, It washes SAM. SAM has this, you guys, and it washes well. Thank you, SAM, very good info we always need to know about washing, and this joist bun stuff washes great as well as my Christmas pajamas. All right.
Speaker Change #147: Yeah.
Speaker Change #147: Yes.
Speaker Change #147: I think.
Speaker Change #147: Maybe like my first to life every day maybe.
Speaker Change #147: <unk> now look like they are fully backed.
Speaker Change #147: We buy them because Angola.
Doug Mcmillon: My joy sign Christmas pajamas that I got in every Christmas pattern. They've all watched. Great. What am I doing?
Speaker Change #147: And they didn't last.
Speaker Change #147: I kind of turn them into my garden.
Speaker Change #147: Bernie they don't they come very clean.
Doug Mcmillon: Sorry. Here we go. Here's the pants. FUSA Burst.
Speaker Change #147: Hi.
Speaker Change #147: And admittedly Nathan Barry.
Nathan: Yeah great.
Doug Mcmillon: So yeah, let me just show you, if anyone is still pondering the VASH, the difference in color to see how like bubble gummy hot this is freaking love. It's almost like my headband, and this is more of like your traditional fuchsia. So I don't know why the vest looks fuchsia-ish in the online picture. Jessica says it runs bigger on the bottom than your size on top.
Nathan: Lovely.
Nathan: All the time.
Nathan: No.
Nathan: Yes.
Nathan: In China, where she is.
Nathan: Yeah.
Speaker Change #149: Now sorry discontinuity.
Speaker Change #149: These are available and meritorious.
Speaker Change #149: If you have 6789, 10 or 11 <unk> Zack.
Doug Mcmillon: Okay, well that would make sense then, and actually, I put in, so the black set I was wearing today is AthleticWorks. I think that's on here. Let me go ahead and get yes, okay, so this is also the black set that I'm on today. However, it's about half the price, and that's because I'll go get it. It's over here in a pile because I wore it today and stripped it right off, but this one is going to be more of your traditional gilded sweatshirt material. When you order a sweatshirt that has like a company And that's why they're a little bit more expensive, but it's more quality.
Speaker Change #149: Yeah.
Most women item, let's see what that can mean.
Speaker Change #149: For this law.
Mark: Hey, Mark.
<unk>.
Mark: Thank you.
Mark: Okay.
Mark: Yeah.
Mark: Well I'll be the basic sweat shirt wins.
Mark: Today at Keybanc.
Mark: Yes.
Speaker Change #150: Thank you.
Speaker Change #150: Okay.
Speaker Change #150: Yeah.
Speaker Change #150: Kathy.
Kathy: Girl she bought the leverage used when I first Sharon I'm, telling you.
Okay.
Kathy: They do not.
Kathy: Got to get on the for the rest of the world finds out.
Kathy: Knutsen.
Kathy: When we can't get our hands on anything.
Kathy: And then these shares more of like a dressier perm.
Kathy: And I thought they were pretty for.
Kathy: Valentine's day.
Doug Mcmillon: So, I love them both. But what tipped me off about this was... I had the small in these as well, and First off, you know me buying smalls. I'm like, um, so when I put these on and they were like big and batty, I was like, well, dang, I need the extra small. My tail must be freezing over. So I would size down and The Jogger. Is it? Yes, yes, they're all saying that. Yeah, size down, and, like I don't know, a good pair of joggers is always good to have.
Kathy: Whereas if you ran like black slacks and need it might be a little seed it pop out the pink heart at your.
Kathy: Sweater that youre winning.
Speaker Change #152: You just you know Tony back from sale.
Speaker Change #152: You'll save $12 from what they were back at Christmas time.
Speaker Change #152: I'll take him in a black I loved it too as well it's not <unk> it's.
Doug Mcmillon: I don't love them like this, This wouldn't be my first pick, I would go for a true legging, but this was super comfy today and pairing it with that vest was the cutest little casual fit. All right, let me click the shirt that's with it. It's also on sale for $8. I think this is cheaper than a Chick-fil-A number one.
Speaker Change #152: It's not real kind of like.
Speaker Change #152: Mr Kaufmann Kaufmann shape.
Speaker Change #152: It's trending it's trending he died.
Speaker Change #152: Super clear.
Speaker Change #152: Uh huh.
Speaker Change #152: Brad.
Speaker Change #152: Wow.
Speaker Change #152: And your confidence.
Doug Mcmillon: So skip lunch tomorrow and buy yourself a shirt. That one's pretty. That periwinkle blue is really pretty. The traditional grey is really pretty too.
Speaker Change #152: But I'm more of a peak Valentine's day.
Speaker Change #152: Sure.
Speaker Change #152: Alrighty Regina Pink lagging can you here again.
Doug Mcmillon: We all need like a grey, a staple grey piece. All right? Next up, do I have a next up? I threw some shoes in here. I don't have them, but... y'all always obsess over my sneakers, while these are not the ones. Let's see. Where did I put those? Let me go. I have this pair, don't get excited. You can't get that pair, but you can get the sister pair that looks like this and let me get them. Grab them, I think. Maybe like my first live performance I ever did.
Speaker Change #152: Yeah.
Speaker Change #152: Okay.
Speaker Change #152: They are not wildly they are job.
Speaker Change #152: No.
Speaker Change #152: <unk>.
Speaker Change #152: Yeah, Yeah, I'll get them online.
Speaker Change #153: Thank you.
Speaker Change #153: Hold on hold on where it is.
Speaker Change #153: Again, I go out of that little lineup here.
Speaker Change #153: If you did not get yesterday's leopard.
Speaker Change #153: Okay.
Speaker Change #153: I'll.
Speaker Change #153: Blackbird card again.
Speaker Change #153: Got it now it's 12 98.
Speaker Change #153: Looks like it's available in every size yes.
Doug Mcmillon: Maybe I shared these on, and I was like, they're fully stacked. I would buy them because they ain't gonna last. And they didn't last, um, I've kind of turned them into my own golden gear because they're a little dirty. They don't come dirty, they come very clean, and I inevitably made them dirty. But yeah, a great pair of shoes. Love these. I wear these all the time. But if you know, you know, I'd, I'm trying to wear shoes that I can link now, so I just got some new ones, but these are available, and they are true to size. If you are a size 6, 7, 8, 9, 10, or 11, they are in stock. All right, my most wanted item. Let's see what that's going to be for this live. Am I supposed to do that?
Speaker Change #153: I mean again as you Miss me yesterday and had a miss on yesterday.
Speaker Change #153: But so many.
Speaker Change #153: Yes.
Speaker Change #153: And yes, absolutely.
Speaker Change #153: Yeah.
Speaker Change #153: Without launching.
Speaker Change #154: Call me back.
Speaker Change #154: Karen.
Speaker Change #155: But I didn't.
Speaker Change #155: Yeah the dirty.
Speaker Change #155: Yeah.
Speaker Change #155: Thank you and this is the medium actually bought this.
Speaker Change #155: Months again.
Speaker Change #155: And that's not mountain, maybe like a perfect time to where it is.
Speaker Change #156: At this time I think Ms. Molly Thank you Sam.
Molly: Just kind of like here.
Molly: Average.
Their size.
Molly: Uh huh.
Molly: But durable gentlemen depiction.
Molly: Absolutely.
Molly: I think the other two.
Speaker Change #158: Please fill it out.
Speaker Change #159: Thank you.
Doug Mcmillon: Well, I'll be. The basic sweatshirt wins. Today's OOTD. I think this is the best part.
Speaker Change #160: Thank you Pete.
Speaker Change #161: Alright, great. Thank you and P&I alike.
Doug Mcmillon: Tassie, good job, girl. She bought the leopard shoes when I first shared them with her. I'm telling you, they do not last. They don't last.
Speaker Change #161: Hello.
Speaker Change #161: Stuff like that.
Speaker Change #161: Okay.
Speaker Change #161: John.
Speaker Change #161: Okay.
Speaker Change #161: Hum.
Doug Mcmillon: You've got to get them before the rest of the world finds out, and that's when we can't get our hands on any. All right, and then these shoes are more of like a dressier pair. I thought they were pretty for Valentine's Day at work if you're wearing like black slacks and needed a little shoe to pop out the pink heart of your sweater that you're wearing, these are cute. They're 20 bucks, and they're on sale. You'll save $12 from what they were back at Christmas time.
Speaker Change #161: Sure.
Card again.
Speaker Change #161: All right.
Speaker Change #161: Let me go find that Tom is real quick.
Speaker Change #161: Ill add.
Speaker Change #161: They are.
Speaker Change #161: Noise.
Speaker Change #161: <unk>.
Speaker Change #161: Okay.
Speaker Change #161: Sure.
Speaker Change #161: Yes.
Speaker Change #161: Oh, thank you called out.
Speaker Change #161: Okay.
Speaker Change #161: Goodbye.
Speaker Change #161: Okay.
Speaker Change #161: Okay.
Speaker Change #161: You had the basic log suites.
Speaker Change #161: Uh huh.
Speaker Change #161: Refresh me.
Doug Mcmillon: They also come in black. I love the toe as well. It's not pointy, not round, but it's kind of like, What is the name of it? The coffin shape? It's trendy. It's trendy, you guys. Super cute.
Hi, Matt.
Speaker Change #161: The random no boundaries mine.
Speaker Change #161: Cause I wore in their boundaries red.
Speaker Change #161: What this yesterday.
Speaker Change #161: Yes, yes, yesterday's tank top.
Doug Mcmillon: I, Red. Are we all ever red? Well... After Valentine's Day, I get over read, but I'm more of a pink Valentine's girl. All right, Regina, pink leggings, can you share again, wide leg? They are not white flags. They are joggers.
Speaker Change #161: Colorado.
Speaker Change #161: Yeah.
Speaker Change #161: And this is a great option because this is like.
Speaker Change #161: And a large site.
Speaker Change #161: And you can get all of the colors.
Speaker Change #161: And just have them stable all year cardigans.
Speaker Change #161: Yeah.
Doug Mcmillon: You know, the set, yes, did y'all get the Walmart one? I wonder if I can it's hold on hold on, we're just gonna We're going to go out of the little lineup here. If you did not get yesterday's Leopard, Leopard Cardigan, get it now. 1298. Looks like it's available in every size.
Speaker Change #161: Yeah.
Speaker Change #162: Hi, Matt.
Speaker Change #162: Right.
Speaker Change #162: The piece that I wore his sellout, but Steve you can add it in a car and pick up at your local store.
Speaker Change #162: I wore yesterday call Matt.
Doug Mcmillon: Yeah. Let me go get it, in case you missed me yesterday. I had this on yesterday. And yes, I hung it back without a watch. Call me dirty. Where's Karen?
Matt: Yeah, that's right Sam.
Matt: Yeah.
Matt: Yeah.
Matt: Tim Thank Alex like a Dallas not online.
Matt: Matt you might get in the car.
Doug Mcmillon: Well, here it is. It's so cute. And this is the medium I actually bought it months ago.
For local pickup.
Matt: In 2008.
Matt: Great.
Matt:
Doug Mcmillon: And I thought Valentine's would be like a perfect time to wear it. And it fits fine. I think the smaller fits you so, Yeah, it's just kind of like here. Average Oversized Fit, um, but adorable, and it looks just like the picture. Absolutely adorable.
And I also have the tenure in the black.
Why.
Matt: The Guardian has the Brian and I have a bunch of colors. Okay.
Matt: Great.
Matt: Okay.
Matt: The base.
Matt: Yeah.
Matt: Yeah.
Matt: Hum.
Matt: Hmm.
Matt: Okay.
Doug Mcmillon: I think the other ones, Patterns, are mostly sold out. That one's kind of cute; it's got a cute pink flag, and it comes in a gray leopard too if you're not into the full on leopard. I love stuff like this.
Matt: No.
Matt: Hum.
Matt: Is that my stock.
Matt: Okay.
Matt: Yeah.
Matt: Yeah.
Matt: Right sizing in the Hague.
Doug Mcmillon: ,,,,,,,,,,, Um, It's not everything, but it's a pair of shoes. Cardigans All right. Let me go find those pajamas real quick just because I said that I would. They are the joy, the fun. Thank you for joining us.
Matt: And by large and that's because they are hey, juniors brand to no boundaries.
Doug Mcmillon: Bye. What would you call those? I have the black one. I have the basic long-sleeved shirt here. We have the basic long-sleeve shirt in pink. Refresh me.
Matt: Is it dangerous brand that runs a little smaller than my commentary, which is a women's brand.
Doug Mcmillon: I'm not the basic, the ribbed one, the No Boundaries one, because I wore the No Boundaries ribbed tank with this yesterday. Yes, yes, yesterday's tank top. Let me just pull it right off. And this is a great option because it costs less than a large diet coke and you can get all the colors, and just have them stapled for all your cardigans.
Matt: Hum.
Matt: Yes, sure day, I think I kind of I think it was kind of baggy than the median but that's still besides fran.
Matt: Well bear in women.
<unk>.
Matt: But these are the long sleeve.
Doug Mcmillon: Yep, T-98, here it is. But that was right. The paint that I wore is sold out. But see if you can add it to your cart and pick it up at your local store. The color I wore yesterday is called, you know this one, Sandstone Peak.
Matt: Kathy is not what you're talking about.
Matt: Yeah.
Speaker Change #163: Hi al.
Speaker Change #163: Yeah.
Speaker Change #163: The Ramsey long sleeve just like this one.
Yeah.
Speaker Change #163: Okay.
Speaker Change #163: Okay.
Doug Mcmillon: Sam Sam Pink, it looks like it's out of stock online, but you might find it at the cart for local pickup, and P90A. Come on. Great, y'all, and I also have the tan, the black, the green, I have the brown. I have a bunch of colors. They're great, um HNNNNNGGG, girl. I'm gonna have to look at them myself because I don't know what you know. That's why it drove me here. What size are you going to take? I buy large in those because they are a juniors brand, so No Boundaries is a juniors brand, so it runs a little smaller than Time and True, which is a women's brand. However, yesterday, I think I could have, because it was kind of baggy. I think I could have done the medium, but that's still a size up from, while we're in women as a small. But these are the long sleeves.
Speaker Change #163: Okay.
Speaker Change #163: Sure.
Speaker Change #163: Okay.
Speaker Change #163: Okay.
Speaker Change #163: Okay.
Speaker Change #163: Okay.
Speaker Change #163: Okay.
Speaker Change #163: Okay.
Speaker Change #163: Yes.
Speaker Change #163: [laughter].
Speaker Change #163: Okay.
Speaker Change #163: Sure.
Speaker Change #163: Yeah.
Speaker Change #163: Before we go on.
Speaker Change #163: <unk>.
Speaker Change #163: So Walmart has like.
Speaker Change #163: Third party seller.
Speaker Change #164: I'm here.
Speaker Change #164: The bathroom today, when you're browsing Walmart site.
Speaker Change #164: T cell <unk>.
Speaker Change #164:
Speaker Change #164: Goodbye.
Speaker Change #164: Okay.
Speaker Change #164: Yes.
Speaker Change #164: Yeah.
Speaker Change #164: Hey.
Speaker Change #164: Great. Thanks.
Speaker Change #164: Keith.
Speaker Change #164: Yes.
Yeah.
Speaker Change #164: Okay.
Speaker Change #164: Thank you.
Speaker Change #164: Okay.
Speaker Change #164: Yeah.
Speaker Change #164: The cotton.
Speaker Change #164: Thank you Shannon.
Speaker Change #164: I haven't completely drawing a brain.
Speaker Change #164: Oh.
Speaker Change #164: I had it and not rush.
Speaker Change #164: Orange.
Doug Mcmillon: Is that what, Cassie, is that what you're talking about? I'm sorry to be calling you out. The ribbed long sleeves, just like this one, um, let me grab this um L I F O, I said it out of them before we got on. They've got, so Walmart has like third-party sellers on here.
Speaker Change #164: Yeah.
Speaker Change #165: I bet, you ask what Youre talking about.
Speaker Change #165: Denim jumper.
Speaker Change #165:
Speaker Change #166: Well. So here is my question.
Speaker Change #166: We have the basic occupancy.
Speaker Change #166: Well.
Speaker Change #166: Sure Ann Inc.
Speaker Change #166: If it's not kind of like Spa.
Speaker Change #166: Pedal right can you give it looks like that.
Doug Mcmillon: So the best thing to do when you're browsing Walmart sites is to filter it. Bye. Not bland, but I think sour.
Speaker Change #166: Okay, Todd, Yes, I believe it went down.
Doug Mcmillon: No, I can't see it on here. Anyway, retailer.
Speaker Change #166: Yeah.
Speaker Change #166: Hi.
Speaker Change #166: Great.
Speaker Change #167: Thank you.
Speaker Change #167: This is not I don't know if you can see what I'm, saying.
Doug Mcmillon: Thank you. I don't know. Okay. The Cotton Pun. Did I share that? I'm completely drawing a blank. Oh, I had it in that rust color, that orange. Hmm, I bet that's what you're talking about. I wore it with that denim jumper. What was the original question? You have the basic long-sleeve shirt and tank, if it's that kind of soft.
Speaker Change #167: Because I'm browsing trying to find this gentleman.
Speaker Change #167: But I'm not again.
Speaker Change #167: Yeah.
Speaker Change #167: Sure. This is Tom here and see if I can.
Tom: Is that.
Speaker Change #169: No Nathan.
Tom: This is back to the original lease.
Tom: If you're just getting on if he must be I'm, sorry, I had to correct Ed Clark Frigging Fabulous.
Doug Mcmillon: Petal Rose Pink, if it looks like the... Tank top, yes, I believe it would go. Are y'all seeing lingerie? This is not where I'm supposed to be. I don't know if y'all can see what I'm saying because I'm browsing trying to find those pajamas that I'm about to get. I'm gonna have to shut this down here in a minute. Let me just see if I can; I think this might be it. Is this it? Is this it?
Tom: Hum.
Tom: And honestly like.
Tom: If they don't have your size that they had you size up by them in this ramp of the dryer.
And if you love them.
Nothing right.
Tom: Okay.
Tom: Sure.
Speaker Change #170: I can't.
Speaker Change #170: Right.
Speaker Change #170: Hmm.
Doug Mcmillon: No, these are, this is back to the originals, these. If you're just getting on, if you missed these, add to cart, add to cart, add to cart. Freaking fabulous, and honestly, like, if they don't have your size, if they have your size up, buy them and just run them through the dryer. Like, if you love them, that's better than nothing, right?
Speaker Change #170: And then the outlet.
Speaker Change #170: Guang screening into gummy.
Speaker Change #170: Yeah.
Speaker Change #170: Okay.
Speaker Change #170: Yeah.
Amit: Hello, Amit.
Amit: <unk>.
Amit: Okay.
Amit: Jan the peak that yes, I can go back to the team.
Amit: Yes.
Doug Mcmillon: Um, why can't I find those other ones? Any right here? I know y'all love when you get me blank staring at a screen.
Amit: Let me just sort of a blend more.
Amit: Okay.
Amit: Yes.
Amit: Let me, let me take Germany.
Amit: Yeah.
Doug Mcmillon: Now that's all the Christmas ones. Joan, the pink vest. Yes, I can go back to the pink vest, of course. Let me just try one more. Yeah! Let me do Joy, Fun, Night, Scowl, Heart, etc. I can't believe y'all are still on here. Okay. I'll link them in my story, or I'll see if I can add them to this from when I post the link to ReShop the Live when I can go find them.
Amit: <unk>.
Amit: Yeah.
Alright.
Amit: Yes.
Amit: Yes.
Amit: Yeah.
Amit: Sure.
Amit: Yes.
Amit: I can't believe your lifestyle.
Amit: Hi.
Amit: Okay.
Amit: Following them on my story here I'll see if I can add to that from what I personally reach out alive.
Amit: You can find them.
Speaker Change #172: Alright, let me get back to that real quick.
Speaker Change #172: Hey.
Doug Mcmillon: All right, let me get back to the pink vest real quick, paintbrush, paintbrush, paintbrush. And if you are just getting on, or if you got on late and missed the initial share of this... The online picture looks very fuchsia. In person, it is a really, really pretty, bright pink. Hmm. They call it Supercharged Pink. Perfect description. I love it. The head is your makeup line. [inaudible] All right. I believe that's all we got, folks. Hopefully, you got your hands on a few things that were in stock, and I'll be on the lookout for Lee Scott. And yeah, if you buy anything, buy these jammies. They are amazing. I'm sure it's one of the hard-cut out ones. Yes! Okay. We didn't have to hit that.
Speaker Change #172: Okay.
Speaker Change #172: Yes.
Speaker Change #172: And if you are just getting on or anything online the initial share of that.
Speaker Change #172: The online next year looks very future.
Speaker Change #172: Person.
Speaker Change #172: Is a really really pretty bright.
Speaker Change #172: Okay.
Speaker Change #172: I call it a supercharged pink perfect description.
Speaker Change #172: And.
Speaker Change #172:
Speaker Change #172: The head here.
Speaker Change #172: Yes.
Speaker Change #172: Yes.
Speaker Change #172: Yes.
Speaker Change #172: Alrighty.
Speaker Change #172: I believe that's all we got fair Oaks.
Speaker Change #172: Boy you got your hands on the few things that we're in stock.
And I will be on the Calgary stocks.
Speaker Change #172: Yeah.
Speaker Change #172: You buy anything.
Speaker Change #173: Hi, Jeremy.
Speaker Change #174: They are amazing.
Speaker Change #174: Okay.
Speaker Change #174: It seems like it's hard right.
Speaker Change #174: Yes.
Speaker Change #174: Yeah.
Speaker Change #174: Okay.
Speaker Change #174: Great.
Doug Mcmillon: That was a no boundaries show. Y'all can exit if you want, this is not going to be any kind of riveting content, but that was one that I bought for my next live, not knowing when it was going to be, but I knew that you would love it, and then every time I scan it with my app, it says we don't sell this item. Let me just keep my boundaries. What is your mother's? Keyhole sweater. I don't think it's going to be on here. I've scanned that thing so many times, trying to get it to pull up.
Speaker Change #174: Hi.
Speaker Change #174: That was a no boundaries.
Speaker Change #174: Yes.
Speaker Change #174: Thank you.
Speaker Change #174: It could be in kind of red ink content.
But that was one that I am ball for my next slide not only when it was going to be.
Speaker Change #174: Needed that y'all it love it and then it still Irish scanner with my math that says we don't feel this item.
Maybe Steve no boundaries.
Speaker Change #174: Hi.
Speaker Change #174: Keyhole.
Speaker Change #174: Yeah.
Speaker Change #175: I don't think it's going to be on here.
Speaker Change #175: I have seen that in so many times trying to get a whole lot.
Doug Mcmillon: But look in stores. So I've seen it. I've gone to multiple different Walmarts in multiple different cities, and I always see it. I thought for sure it would be online by now, but it might just not be one that's not going to go online.
But look in store, so I've seen it I've got a multiple different walmart's in multiple dose definitely.
Speaker Change #175: Studies at all.
Speaker Change #175: Ali Sina Dot for sure it would be online by now.
Speaker Change #175: It might just not.
Speaker Change #176: Good morning, Steven.
Speaker Change #176: Online.
Doug Mcmillon: Sorry, that syncs because I love that sweater. I bought it in both colors, pink and cream. Have you seen the leopard sweater with the red heart? No! Tell me more! So yeah, yeah, for the leopard or for the pink athletic joggers. Pink and Black. Size down. They do run pretty big, but stay true to size in the top. Or, if you like your athleisure to be more kind of baggy, I would size up in the top.
Sorry.
Steven: Thanks, guys.
Steven: That's about.
Steven: About <unk>.
Steven: Have you seen <unk>.
Steven: Great.
Steven: No.
Steven: Any more.
Steven: Yes.
Steven: Or for that.
Steven: Key athletic Joggers.
Steven: Pink and black size down.
Steven: They do I'm pretty bag say treat aside.
Steven: On the top.
Steven: Or if you like.
Steven: Leisure to be more anti body shops.
Doug Mcmillon: Nobody's leaving. Are y'all, are y'all entertained right now? I was gonna wait just a second and see if... PM, can point me in the direction to show you this leopard sweater with the red heart. Sounds amazing, right?
Steven: Sure.
Steven: Yeah.
Steven: Yeah.
Steven: <unk>.
Steven: Yeah.
Steven: Nobody is waiting.
Steven: Good morning entertained right now.
Speaker Change #178: Just a second.
Speaker Change #178:
Matt: Yeah, Matt.
Matt: Ken.
Matt: <unk> sweater with Rad hard.
Speaker Change #179: Sounds right.
Speaker Change #179: Yeah.