本文源自：金融界AI电报 沃尔玛盘前涨幅扩大至1%，收复此前3.7%的跌幅。 ...

Financial Data and Key Metrics Changes - Revenue for the fourth quarter increased by 4.9% in constant currency, with e-commerce growth at 24% [4][14] - Adjusted operating income grew by 10.5%, outpacing sales growth [4][14] - For the full year, total revenue exceeded $700 billion for the first time, with a 5% increase in constant currency [14] - Adjusted operating income for the full year grew by 5.4%, despite a 300 basis point headwind from increased claims expenses [14][23] Business Line Data and Key Metrics Changes - Walmart U.S. comp sales rose by 4.6%, with e-commerce sales growing by 27% [14][15] - International segment operating income increased by over 26%, driven by improved e-commerce economics [15] - Advertising income globally increased by 37%, with Walmart Connect in the U.S. up by 41% [16][35] - Membership income grew by over 15%, reflecting strength in Sam's Club in China and the U.S. [16] Market Data and Key Metrics Changes - E-commerce sales in China grew by 28%, representing more than 50% of the sales mix in that market [15] - Fast delivery services in the U.S. saw a growth of over 60% year-over-year [9][15] - The majority of share gains in the U.S. came from households earning over $100,000, while lower-income households are managing spending carefully [5][6] Company Strategy and Development Direction - The company is focused on an omnichannel strategy, leveraging technology and automation to enhance customer experience and delivery speed [4][9] - Investments in AI and technology are aimed at improving inventory management and customer engagement through tools like Sparky [10][11] - The strategy includes capital allocation based on return on investment, with a focus on maintaining a strong value proposition for customers [7][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's momentum and the ability to navigate complex operating conditions [13][41] - The outlook for the upcoming fiscal year includes sales growth expectations of 3.5% to 4.5% and operating income growth of 6% to 8% [21][22] - Management remains cautious about potential economic headwinds but is optimistic about the company's ability to outperform guidance [41][42] Other Important Information - The company authorized a $30 billion share repurchase program, its largest to date, reflecting confidence in cash flow generation [23] - Capital expenditure levels for FY 2027 are expected to be approximately 3.5% of sales, with a focus on supply chain automation and store remodels [24] Q&A Session Summary Question: On agentic commerce and its impact on customer traffic and advertising - Management highlighted that agentic commerce is part of the omnichannel strategy, enhancing customer intent understanding and driving higher average order values [28][29][32] Question: Regarding unexpected costs and outlook for the year - Management noted a measured approach to guidance, considering potential economic indicators while maintaining flexibility [37][41] Question: On disinflation and its impact on pricing - Management indicated that inflation trends are expected to remain stable, with some pressures from legislation affecting drug prices [44][45] Question: About e-commerce profitability and competition - Management emphasized the importance of maintaining share momentum through effective inventory management and leveraging technology [84]

Group 1 - Amazon has officially surpassed Walmart to become the highest-grossing company globally, marking a significant achievement since its founding in 1994 as an online bookstore [1][4] - Walmart reported sales of $713.2 billion for the 12 months ending January 31, while Amazon projected sales of $717 billion for 2025 [1] - Amazon's revenue growth is largely attributed to its dominance in the cloud computing sector, which Walmart has not entered; without AWS, Amazon's revenue for 2025 would be $588 billion [4] Group 2 - The achievement of becoming the highest-grossing company symbolizes large scale and extensive consumer reach, but it is not the only metric valued by investors [4] - Previous companies that held the title, such as ExxonMobil and General Motors, faced stricter regulatory scrutiny and higher consumer expectations [4] - Currently, Nvidia holds the title of the highest market capitalization company at $4.5 trillion, which is more than double Amazon's market cap and over four times that of Walmart [4]

沃尔玛盘前涨超1%。 来源：滚动播报 ...

Core Viewpoint - Amazon has officially surpassed Walmart to become the highest-grossing company globally, marking a significant achievement in scale for the e-commerce and cloud computing giant [1][4]. Group 1: Revenue Comparison - Walmart reported sales of $713.2 billion for the 12 months ending January 31, while Amazon's projected sales for the fiscal year ending December 2025 are $717 billion [1][4]. - Over the past decade, Amazon's revenue growth rate has been nearly ten times that of Walmart, driven by a shift in consumer spending from physical stores to online platforms and the rapid growth of Amazon Web Services (AWS) [1][4]. Group 2: Market Position and Strategy - Amazon is the largest online retailer, attracting 2.7 billion visits monthly to its website and mobile app, while Walmart remains the largest physical retailer with over 10,000 stores globally [1][4]. - Despite Amazon's acquisition of Whole Foods in 2017, Walmart has achieved greater success in developing its e-commerce business compared to Amazon's progress in establishing physical stores [1][4]. Group 3: Cloud Computing Impact - The primary driver of Amazon's revenue growth is its significant position in the cloud computing sector, which Walmart does not participate in. Without AWS, Amazon's revenue for 2025 would be $588 billion [2][5]. - The importance of data centers as critical infrastructure in the age of artificial intelligence has greatly influenced Amazon's rise [2][5]. Group 4: Investor Perspective - The achievement of becoming the highest-grossing company reflects corporate scale and consumer reach, which may not necessarily be valued by investors [2][6]. - Previous companies like ExxonMobil and General Motors have held the title of highest-grossing company, which can lead to increased political pressure and higher customer expectations [2][6].

格隆汇2月19日｜沃尔玛首席执行官：正利用人工智能打造客户解决方案，减少摩擦并简化决策。使用 人工智能购物助手的沃尔玛顾客平均订单金额比不使用该助手的顾客高出35%。 ...

沃尔玛首席执行官：预计门店和会员店的销售额将实现"温和"增长。在 自动化和门店改造方面的支出 正达到"峰值"。 ...

本文源自：金融界AI电报 沃尔玛(WMT.N)首席执行官：我们已竭力缓解食品杂货通胀，因为关税相关成本推高了多个类别的价 格。 ...

智通财经APP获悉，在全球贸易政策不确定性加剧及劳动力市场波动的影响下，全球零售巨头沃尔玛(WMT.US)发布了较为保守的 全年业绩指引，营收和利润预测均低于市场预期。 沃尔玛最新发布的财报显示，预计本财年调整后每股收益为2.75至2.85美元，而分析师此前的平均预期为2.97美元。公司预计2027 财年合并净销售额增长率在3.5%至4.5%之间，同样低于市场约5%的增长预期。这一谨慎展望使得沃尔玛股价在周四美股盘前下跌 约2%。 沃尔玛首席财务官John David Rainey表示，考虑到当前充满变数的宏观环境，包括招聘放缓和贸易局势的不确定性，采取适度保守 的展望是审慎之举。 由于其庞大的规模和广泛的覆盖范围，沃尔玛经常被视作整体消费经济的晴雨表。美国总统特朗普广泛且时断时续的关税政策扰 乱了许多行业的运营，沃尔玛和其他零售商对成本上升和价格上涨持谨慎态度。凭借其庞大的供应链和规模，沃尔玛在很大程度 上成功减轻了关税的影响，但也警告称压力正在加剧。 未来几周，竞争对手塔吉特(TGT.US)、好市多(COST.US)等将陆续发布季报。目前多数消费品企业态度谨慎，食品制造商普遍反映 需求趋弱，消费者对价格敏 ...

本文源自：金融界AI电报 沃尔玛(WMT.N)首席执行官：对于年收入低于5万美元的家庭，我们仍然看到他们的钱包非常紧张。 ...