Walmart’s CEO Says This About the American Economy

According to Walmart’s CEO Doug McMillon, the American consumer is “in pretty good shape” right now and that the company is making investments “to position the company for another generation.”

“I don’t know that I can call the whole year,” said McMillon to CNBC’s Courtney Reagan. “I think … the consumer is in pretty good shape. I think the customer is in about the same shape they were in [the fourth quarter].”

It was in the fourth quarter that Walmart reported earnings and sales that both topped what analysts had expected.

Walmart has projected that its digital sales will be up 35% in 2019, slightly less than growth of 40% in 2018.
“The magic for us is how we bring the two together,” McMillon said, about Walmart.com and the retailer’s thousands of stores around the world. “It results in an omnichannel experience. … That is our advantage, and that is what we are working on.”

“To build an e-commerce business takes some time,” said the CEO. “We are trying to position the company for another generation. … No doubt we are making a bet on change.”

Walmart shares are up roughly 12% in the last 12 months.

Disclaimer: We have no position Walmart Inc. (NYSE: WMT) have not been compensated for this article.