Walmart : First Quarter 2025 Transcript – Management Call

Corrected Transcript

16-May-2024

Walmart, Inc. (WMT)

Q1 2025 Earnings Call

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

CORPORATE PARTICIPANTS

Stephanie Schiller Wissink	John R. Furner
Senior Vice President & Head-Investor Relations, Walmart, Inc.	President & Chief Executive Officer-Walmart US, Walmart, Inc.
C. Douglas McMillon	Kathryn J. McLay
President, Chief Executive Officer & Director, Walmart, Inc.	President & Chief Executive Officer, Walmart International, Walmart,
John David Rainey	Inc.
Chris Nicholas
Chief Financial Officer & Executive Vice President, Walmart, Inc.
	President & Chief Executive Officer, Sam's Club, Walmart, Inc.

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OTHER PARTICIPANTS

Kate McShane	Seth Sigman
Analyst, Goldman Sachs & Co. LLC	Analyst, Barclays Capital, Inc.
Simeon Ari Gutman	Kelly Bania
Analyst, Morgan Stanley & Co. LLC	Analyst, BMO Capital Markets Corp.
Robert F. Ohmes	Paul Lejuez
Analyst, BofA Securities, Inc.	Analyst, Citigroup Global Markets, Inc.
Michael Lasser	Chuck Grom
Analyst, UBS Securities LLC	Analyst, Gordon Haskett Research Advisors
Krisztina Katai	Rupesh Parikh
Analyst, Deutsche Bank Securities, Inc.	Analyst, Oppenheimer & Co., Inc.
Oliver Chen	Gregory Scott Melich
Analyst, TD Cowen	Analyst, Evercore Group LLC

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

MANAGEMENT DISCUSSION SECTION

Operator: Welcome to Walmart's First Quarter Fiscal Year 2025 Earnings Call. At this time all participants are in

1. listen-onlymode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Steph, you may now begin.

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Stephanie Schiller Wissink

Senior Vice President & Head-Investor Relations, Walmart, Inc.

Welcome, everyone. We appreciate you joining us today and your interest in Walmart. Joining me today from our home office in Bentonville are Walmart CEO, Doug McMillon; and CFO, John David Rainey. Doug and John David will first share their views on the quarter and then we'll open the line to your questions. During the Q&A portion we will be joined by our segment CEOs, John Furner, from Walmart US; Kath McLay, from Walmart International; and Chris Nicholas from Sam's Club. For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our website.

We will make every effort to answer as many questions as we can in the hour we have scheduled for this call. As a courtesy, 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. Please review our press release and accompanying slide presentation for our 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, that wraps my intro. We're ready to begin.

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C. Douglas McMillon

President, Chief Executive Officer & Director, Walmart, Inc.

Good morning, and thanks for joining us. Our team delivered a great quarter to start the year. Our results were stronger than we anticipated with sales growth of 5.7% and adjusted operating profit up 12.9% in constant currency. All three operating segments performed well. The momentum we see across the business is driven by growth in units sold and transaction counts as well as market share gains including general merchandise. These are not inflation-driven results.

In the US like-for-like sales inflation was about 40 basis points for the quarter including mid-single-digit deflation in general merchandise and low single-digit inflation in food and consumables. Together with our suppliers we're making progress lowering prices.

Our rollback count is up and customers are responding to our price leadership. The first highlight I'd like to call out is the improvement in customer experience scores. That has a lot to do with our associates.

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

I get to visit with a lot of them as I travel. This quarter I've been in stores and clubs in Johannesburg, Cape Town, Toronto, Nashville, Los Angeles, Austin, Oklahoma City and Dallas. And before we get too far into the conversation about our performance, I want to thank all our associates everywhere. They deserve all the credit. They're managing the things we've always managed while simultaneously building new capabilities and driving change.

Here's what they're doing to drive our business. First, we're providing value. Low prices on quality merchandise are always important to our customers and members. Our combination of everyday low prices plus a large number of rollbacks is resonating. During the holiday we offered a basket of Easter items with a lower price than a year ago in the US and Canada. Customers responded and we saw strong sell-throughs. Our merchants are doing a great job, including managing inventory where we finished down 2.7% globally.

Second, we have the selection people are looking for. In the US, the number of marketplace sellers grew by 36% for the quarter with a SKU count now sitting at more than 420 million. In Mexico the number of marketplace sellers grew by more than 50% with SKU count up nearly 80%. More often, our customers are finding what they're looking for when they shop our app or site. eCommerce penetration is up in all our markets.

Third, we're improving the experience of shopping with us. Our store remodels look good and are performing well plus our curbside pickup and delivery capabilities are improving as indicated by our customer experience metrics. Globally we completed nearly 70 remodels during the quarter and we're on track to do more than 900 this year.

We're making it more convenient to shop with us, and our customers and members are rewarding us with growth as we save them time.

We expect to continue to earn healthy levels of sales growth and simultaneously grow profit faster than sales this year while managing our price gaps and investing in our associates at the same time. This quarter's results were driven by a combination of strong core performance and the growth of our newer businesses. As it relates to the core, strong same-store sales growth combined with good inventory management resulted in strong profit flow through.

In our newer businesses, advertising and membership were both up 24%. Today, we announced that we're expanding our data analytics and insights product, Walmart Luminate into Mexico and Canada. Our technology team continues to deliver the innovation that helps us drive our business. We're bringing new experiences to life like Generative AI driven product search that helps our customers shop more intuitively.

The team continues to build and improve the platforms for marketplace and data that we're using across countries and they're building and improving the operating system that enables us to create a more intelligent, flexible and automated supply chain. The implementation of our automated storage and retrieval systems in our DCs and FCs is on track and we're as enthusiastic of the impact of that work as we've ever been.

Turning to our segments. In Walmart US we recently announced a new private brand in food called bettergoods. It's our largest food private brand release in 20 years. The brand focuses on today's trends, and premium quality, but at the same time, 70% of bettergoods items are priced under $5. This is the type of quality and value that will resonate with customers across income spectrums.

We also introduced on-demand early morning delivery to customer doorsteps as early as 7:00 a.m. and as quickly as 30 minutes. Globally, same-day delivery is available for more than 6,500 locations. In Walmart US, over the last 12 months, 4.4 billion items were delivered same or next day, with about 20% of those delivered in under three hours. Delivery times are getting faster and the cost to delivery is coming down at the same time.

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

During the quarter, we made the necessary but difficult decision to close our US healthcare clinics. There were a number of aspects that were going well and we really want to be part of the solution to improving healthcare in this country. But the reality is that given reimbursement rates and cost to serve, we could no longer see a path to achieving an acceptable level of profitability and we're committed to being disciplined with our investments. We're grateful to our associates that worked in this area. They did their part.

We'll continue to build our pharmacy and optical businesses and we'll find ways for our pharmacists to help as they've done with immunizations and vaccinations. Earlier this week we also shared decisions to eliminate some home office roles and reduce the amount of remote work. The vast majority of our home office associates have been back together in offices since we came back from the pandemic and we want to see even more of that. Being in person is important.

Our culture is stronger when we're together. We make decisions faster, we're more creative and we help develop the next generation of talent. We'll continue to make changes to ensure we're best positioned to serve customers and support our store club and supply chain associates.

Moving to Walmart International. We continue to deliver strong results with double-digit growth in sales and profit, lifting our company growth rates. Strength was broad based led by Walmex, China and Flipkart.

Results for quarter included strong growth in eCommerce, led by store-fulfilled orders and marketplace. We saw improved sales growth in general merchandise categories as we focused on celebrations across the world like Chinese New Year, Easter and Walmart Canada's 30th Anniversary.

Like the US, the International team is improving speed of delivery across markets. Same-day delivery orders in India grew by over 150% in the quarter and is now available across 20 major cities. One-hour delivery in China grew to 55 million orders as customers sought convenience during Chinese New Year. And in Chile, 60% of eCommerce orders are delivered same-day.

With Sam's Club US, it's exciting to see how the team is using computer vision to make it faster for members using Scan & Go to leave the building once they're done shopping. I'm referring to the computer vision in AI- powered exit technology that allows members to leave the club without having to stand in line to get their receipt checked that we announced at the consumer electronics show in January. Since then, we deployed it in about 20% of our clubs and we're on track to have it in all US clubs by year-end.

In addition to this being better for members, the technology identifies more items than we could with our previous process. This is a great example of people-ledtech-powered solving for technology that benefits the member experience. It was a strong start to the year. We'll remain focused on improving customer and member experiences, being great merchants, building our newer businesses and improving returns.

With that, I'll hand it to John David to share more about the quarter and our outlook for the rest of the year.

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John David Rainey

Chief Financial Officer & Executive Vice President, Walmart, Inc.

Thanks, Doug. Our strong results this quarter clearly demonstrate our ability to deliver on our financial framework of growing operating income faster than sales. This quarter's results reflect strong execution from the team, across virtually every aspect of our business, share gains and improving NPS scores from our members and

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

customers that are increasingly looking for value and convenience, and the power of our omni retail model. I'll discuss our quarterly results using our framework of growth, margins and returns.

We experienced ongoing sales strength with all three operating segments outperforming our expectations. We're growing traffic and units, and our inventories are in excellent shape. We're on a multiyear journey to reshape our profit profile and operating income growth trajectory and this quarter reflects the benefits of improved margins in our core retail operations as well as contributions from business mix.

We're investing in areas that have strong capital returns like automation, store remodels and digital tools and technologies. Combined these investments are widening our competitive advantages, providing us levers to also invest in people and price, while achieving our sales and margin objectives.

Before I provide more color behind the strength of our financial results, I want to remind you that there is a supplemental presentation on our IR website with additional information beyond my remarks.

First quarter total net sales grew 5.7% on a constant currency basis, ahead of our guidance of 4% to 5% growth. As a reminder, the leap year this year contributes approximately 1 point to our year-over-year sales growth. International led the enterprise with constant currency sales growth of 10.7% reflecting strength in Walmex, China and Flipkart. Across markets, seasonal events were strong and we're encouraged by early improvements in general merchandise sales.

International eCommerce sales were up 19% as we continue to expand our capabilities. In Canada, the majority of our marketplace growth came from items serviced by Walmart fulfillment services. In India, Flipkart same-day delivery became available to millions more customers as they expanded the offering to 20 cities.

Walmart US also delivered better-than-expected growth with comp sales up 3.8% including strong eCommerce growth of 22% led by store-fulfilled pickup and delivery marketplace and advertising. Traffic and sales growth were strong across both stores and digital channels, and we're pleased with the unit growth. We're seeing higher engagement across income cohorts with upper-income households continuing to account for the majority of the share gains.

Sam's US comp sales, ex-fuel, were also strong at 4.4%. The Sam's team continues to make progress on quality in-value with Member's Mark our private brand. The team is doing a great job of being on top of product trends with the brand. Member's Mark drove high single-digit growth in Q1 and is a growing reason why members join and renew alongside digitally enabled solutions such as Scan & Go and curbside pickup.

Next is sales. Gross profit growth was the key driver of upside in Q1. Consolidated gross margin expanded 42 basis points led by Walmart US. Across segments, we benefited from lower markdowns as a result of disciplined inventory management and favorable business mix enabling strong margin flow through from sales.

Consolidated adjusted operating income grew 12.9% in constant currency, more than 700 basis points higher than our sales growth. This reflects better-than-expected sales growth and higher gross margins and membership income. This was partially offset by expense deleverage in our US segments related to higher variable pay expenses from our outperformance. Walmart US was the primary driver of outperformance, but all segments contributed to operating income growing faster than sales.

Taking a closer look at margins. As we continue to work closely with our suppliers to lower cost, we're managing our Walmart US pricing aligned to competitive price gaps and customers are responding favorably, resulting in

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

sustained sales growth and higher gross margins. Our price gaps to the retail market remain strong. Improved inventory management and favorable business mix allowed us to optimize our pricing on everyday essentials, and we're investing further in value within our private brands.

Our rollback program is driving customer engagement and supporting our volume growth with grocery rollback counts up 45% year-over-year in April. Carrying forward the success we saw last year in our seasonal programs, we're using celebrations and festive events to reinforce our value proposition and customers are responding. Chinese New Year, Valentine's Day and Easter drove stronger sales across categories including general merchandise.

We're also working with suppliers to bring innovation to US customers while leaning into our own private brands as sources of value, quality and newness. As a result, we've continued to see strong momentum in private brand sales with grocery penetration up 30 basis points in Q1. While private brand penetration is in the low-20s as a percent of sales, more than half of all customer grocery baskets over the last year have had a private brand in them.

Our inventory levels continue to come down with Walmart US declining about 4% and Sam's down nearly 5% at quarter-end, while we sustained strong sales and healthy in-stock rates. Having the right inventory in the right categories in the right places has allowed us to not only minimize markdown activity, but also support higher in- stock levels with goods flowing more smoothly through distribution centers and to stores. Importantly, the business is realizing efficiencies while both customer and associate NPS scores are rising.

Global eCommerce growth was 21% in Q1 and eCommerce losses continue to narrow, most notably in the US net delivery cost per-order, improving nearly 40%. More customers are shopping with us more often, across more categories, moving us along the pathway of delivery density and transaction margins that give us clear visibility into profitability in this channel over time.

Many consumer pocketbooks are still stretched, and we see the effect of that in our business mix as they're spending more of their paychecks on non-discretionary categories and less on general merchandise. This merchandise mix remains a headwind to margins, but it's consistent with our expectations.

Our Walmart US team is executing strategies to improve general merchandise sales and to increase the visibility of our growing eCommerce brand assortments in fashion, home and electronics. We have the opportunity to grow general merchandise sales in stores with our first party eCommerce assortment and especially with our marketplace. We were encouraged to see share gains in fashion, home and hardlines in Q1. In addition, marketplace sales in categories such as furniture, sporting goods, kids apparel and home grew more than 20%.

In addition to sales growth and gross margin improvement, the reshaping of our profit composition is an exciting part of our strategy. We're enhancing capabilities in higher-margin growth drivers such as advertising, membership, marketplace and fulfillment, and data analytics and insights, and seeing corresponding improvement in our business mix.

Global advertising grew 24% led by 26% growth from Walmart Connect in the US and Internationals 27% growth. Walmart's US ad sales reflected more than 50% growth from marketplace sellers while overall active advertiser counts increased nearly 19%. Sam's ad business now has 30% more active advertisers versus last year.

We're pleased with the trends in our membership programs around the world. Sam's Club US reached another record high level for member counts and Plus Member penetration resulting in membership income growth over

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

13%. Sam's China member count grew 25% with increasing active and renewal rates. In addition, Walmart+ continued to grow double-digits as members engage with us more frequently and spend more than other customers.

For marketplace, within International, all markets grew double-digits led by Flipkart and Walmex, reflecting the strength we're experiencing across markets. In the US, Walmart's marketplace delivered strong results, aided by 36% more sellers on our platform, with 28% of sellers using our marketplace fulfillment services.

To give you an example of the benefit of our omni model, in April we launched a new service enabling customers to order from an extended assortment of nearly 40,000 tires on our marketplace and have them installed at one of our 2,300 auto care centers and stores in the US. It's a great example of how we're leveraging our unique, omni capabilities to remove friction for customers.

Within data analytics and insights, Walmart data ventures continues to see strong demand from clients for their insights on consumer behavior and trends and our omni-channel operations. In Q1, this business doubled versus last year. In April, we announced a new self-serve integration to make it easier for supplier advertisers to combine Walmart Luminate's insights with Walmart Connect's closed looped omni-channel retail media solutions to help drive product, brand, and category sales. This is the first time we're bringing these two solutions together, creating greater cohesion between both offerings and helping suppliers deliver more relevant shopping experiences for our customers.

Beyond executing on our operating strategies, you're also seeing a discipline from us to address areas of our business that have not performed as well. You should expect this discipline to continue. Concentrating our efforts in capital on clear drivers of incremental value. This requires us to be bold enough to step back from areas that at one time, were clear opportunities or were strategically or financially accretive but now have diminishing value.

It was through this lens that we made the decision to close all 51 Walmart Health centers as Doug mentioned. Total business reorganization cost resulted in a charge of $0.02 per share in the first quarter.

Wrapping up Q1 results. Below the line items reflected slightly higher interest expense on relatively flat net debt balances and a lower tax rate year-over-year based on changes in the fair value of our equity investments. Adjusted EPS of $0.60 per share compared favorably to our guidance of $0.49 to $0.52.

Turning to guidance. Our team is executing at a very high level. Q1 results exceeded our expectations for both sales and operating income growth. And while it might be a little much to expect every quarter to be this good, we feel really good about the performance and it demonstrates how this business can perform when we're firing on all cylinders.

Consumer economic conditions have been relatively consistent since the start of the year. Many of the value- seeking behaviors we witnessed last year have continued, particularly around seasonal events. Our focus on providing customers with value and convenience is resonating and we're gaining share. That said, we're one quarter into a year that still has some degree of uncertainty and we don't want to get ahead of ourselves.

We currently expect Q2 sales to increase between 3.5% and 4.5% and for operating income growth in line with that at roughly 3% to 4.5%. EPS is expected to be between $0.62 and $0.65 per share.

In Q2, we expect operating income growth to be impacted by timing of tech and wage investments. Combining Q1 results, with the midpoint of our Q2 guidance, would suggest first half sales would grow nearly 5% and operating

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

income would grow about 8%. We feel really good about our start to the year and our outlook for the second half is consistent with 90 days ago. Our Q1 results and the midpoint of our Q2 guidance suggest that we should be at the high end or even slightly above our sales and operating income guidance for the year.

We'll revisit our full year guidance as we exit Q2. This is more aligned with our historic cadence of updates and consistent with the philosophy we have as a management team to recognize early momentum but to also maintain prudence early in the year given the macro uncertainty and so much of the year is still ahead of us.

In closing, I'm extremely pleased with our results this quarter. They demonstrate what our team is capable of when we're laser focused on the member and customer, disciplined on cost and leveraging the technology investments we've made. Profits are growing, customer NPS scores are increasing and we're running a great operation. We like our position. We like who we are and we like where we're going.

We appreciate your interest in Walmart and are now ready to take your questions.

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QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] Our first question comes from the line of Kate McShane with Goldman Sachs. Please proceed with your question.

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Kate McShane

Analyst, Goldman Sachs & Co. LLC

Q

Good morning, everyone. Thanks so much for taking our question. We wondered if you could talk a little bit more about what you saw with the lower-end consumer throughout the quarter and how you think about their contribution to comp for the rest of the year, especially when it comes to general merchandise.

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John R. Furner

President & Chief Executive Officer-Walmart US, Walmart, Inc.

A

Hi, Kate. It's John Furner. Good morning, I'll start. First, I'd like to say thanks to the entire team for what they did in the quarter and the execution. It's great to see so many of our associates making such a difference and it's also encouraging to see our store managers really focus on in-store merchandising in the quarter. We saw big improvements all across the US and that was really exciting.

In terms of the consumer, it's been pretty consistent I think is the best word we would use. Consistent spending across income groups. We've had more growth as we mentioned in the earlier remarks and the high end consumer that remains true. We're very focused on value, flexibility and convenience and that's working across income segments. It's great to be in a position where we have store conditions that we're proud of with growth. It's great to be in a position where our pickup business is growing and then as we mentioned our delivery business has now exceeded our pickup business in size and the run rate remains strong.

So I think what we can say at this point is things have been consistent. What is also helping us is in our food categories, broadly across the store we have almost 7,000 rollbacks that's really helping in our food categories. We see an even larger spread between eating at home, preparing meals at home and eating out which we think can help Walmart over the remainder of the year.

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Walmart, Inc. (WMT)	Corrected Transcript
Q1 2025 Earnings Call	16-May-2024

Kate McShane

Analyst, Goldman Sachs & Co. LLC

Thank you.

Q

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Operator: Thank you. Our next question is from the line of Simeon Gutman with Morgan Stanley. Please proceed with your question.

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Simeon Ari Gutman

Analyst, Morgan Stanley & Co. LLC

Q

Good morning, everyone. I have one question I'll make it in two parts. First, to diagnose the consumer not raising yet, it sounds like you sort of want to but there is something holding you back besides it is early in the year but curious if there's anything on the consumer side?

And then the second part of this is, how Doug has talked about doing both investing and then driving value today. And curious in this environment if you have the flexibility and even the desire to lean in even more, it looks like it could be a choppy year, so ability to continue to drive, to do both, driving these impressive share gains, profit margin expansion, while continuing to invest in the value proposition? Thanks.

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John David Rainey

Chief Financial Officer & Executive Vice President, Walmart, Inc.

A

I'll start with the first part of the question, Simeon, and then hand it over to Doug for the second piece. On guidance, there's nothing to read into that. First, like we feel really good about the performance in the first quarter. These are strong results across the board. We think it's prudent to be patient on this performance and as we noted we'd update at the end of the second quarter. I think we'd all agree that we're in far from a certain environment around the consumer. It's the health of the consumer is something we read about every single day, and given that we're one quarter into the year, we just want to be patient on this but that should not take away from our conviction and the results in our team's ability to continue to execute and in our strategy that's continuing to drive results here.

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C. Douglas McMillon

President, Chief Executive Officer & Director, Walmart, Inc.

A

Simeon, I think I'll be a bit repetitive with our previous conversations. But if you look back over the last few years, you'll remember that we made price investments, we made wage investments, and for a while we've been telling you that we think we're in pretty good shape as it relates to that. We use the term managing our price gaps deliberately because that's how we think about it. And if we do need to make further price investments to drive growth or to ensure those baskets are in good shape we can do that, investing in our associates is always part of our plan so I think you guys can expect that we'll continue to do it.

What's happening with business mix in this quarter in particular with inventory management puts us in a position where we do have even more flexibility to make a variety of choices. And so, we're doing that every week and every month as we manage our business through the quarter and through the year.

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Operator: Our next question comes from the line of Robbie Ohmes with Bank of America. Please proceed with
your question.
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