Report
John Brick, CFA

Walmart looks to increase its scale by ramping up e-commerce and investments internationally.

Walmart’s first-quarter results showcase it is making strides in its evolution to expand beyond its core brick-and-mortar footprint, with e-commerce sales (5% of total) rising 33%, on top of 63% last year. These results contributed 100 basis points to its U.S. comparable-store growth of 2.1%, generally aligning with our 35% e-commerce and 2.3% comp sales estimates for fiscal 2019. We believe this growth is more impressive given that it came despite pressure from Amazon and other mass-merchants, ...
Underlying
Walmart Inc.

Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the U.K. The company's operations are conducted in three reportable segments: Walmart U.S., which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
John Brick, CFA

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