Walmart has reported record annual revenue of nearly $560 billion
which has resulted in $35 billion of growth and $40 billion of growth in constant currency.
Walmart also continues to build the next generation business model, investing in automation to fuel future sales and earnings growth. The FY22 capital investments of the company are expected to be nearly $14 billion to build supply chain capacity and automation to stay ahead of demand, improve the customer experience and increase productivity.
The company will also invest in U.S. wages, raising the associate average to above $15 per hour.
The company’s strong financial position makes it the right time to accelerate investments in key areas, enabling it to grow faster while leveraging its unique assets to build a business model that will define the next generation of retail, the company said in a statement.
“We completed a strong year and a strong Q4 thanks to our amazing associates. They stepped up to serve our customers and members exceptionally well during a busy holiday period in the midst of a pandemic,” said Walmart President and CEO, Doug McMillon. “Change in retail accelerated in 2020. The capabilities we’ve built in previous years put us ahead, and we’re going to stay ahead. Our business is strong, and we’re making it even stronger with targeted investments to accelerate growth, including raises for 425,000 associates in frontline roles driving the customer experience.”
“This is a time to be even more aggressive because of the opportunity we see in front of us,” added McMillon. “The strategy, team and capabilities are in place. We have momentum with customers, and our financial position is strong.”
“Our associates responded unbelievably to serve customers in one of the most challenging times we’ve faced. We have tremendous momentum having just completed a year with record sales and operating cash flow,” said Walmart Chief Financial Officer, Brett Biggs. “We accomplished this while accelerating our long-term strateg
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.