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?span style='font:7.0pt "Times New Roman"'> Walmart Revenue Hits $559 Billion For Fiscal Year 2020
?span style='font:7.0pt "Times New Roman"'> Walmart to hike wages for 425,000 workers to average above $15 an hour
Walmart Revenue Hits $559 Billion For Fiscal Year 2020
Shelley E. Kohan, Contributor, Forbes
Feb 18, 2021
Walmart WMT -5.7% revenue was up 6.7% for fiscal year 2020 reaching $559 billion, keeping its top ranking as the largest U.S. retailer followed by Amazon AMZN -0.5% which reported revenue of $386 billion for its fiscal year. Walmart抯 U.S. division was up 8.6% for the year primarily driven by higher spending per customer visit. In fourth quarter the average value of each customer transaction was up 22%. Walmart, excluding Sam抯 Club, represents almost 60% of the revenue in the U.S. discount store segment and 6.5% of the total retail revenue (minus restaurants). In fourth quarter (November through January), U.S. e-commerce sales were up 69% as compared to the industry where non-stores sales were up 23%.
In the earnings release, the company attributed its strong performance to 揃eing the primary destination for customers providing value on items they want and need supported by increasingly efficient pickup and delivery.?Walmart has invested heavily in technologies to support a seamless digital customer experience and continues to look for ways to create higher efficiency like using automation throughout the supply chain. The company plans to invest nearly $14 billion in building supply chain capacity, fueling productivity and enhancing the customer experience by ensuring products are in-stock to meet demand.
President and CEO of Walmart, Doug McMillon stated...
Walmart to hike wages for 425,000 workers to average above $15 an hour
牋?Walmart said its minimum starting wage for workers will remain at $11 an hour.
牋?Rivals Amazon and Target have made their starting wages $15 an hour.
牋?Walmart抯 U.S. workforce numbers about 1.5 million people, making it the nation抯 largest private employer.
Lauren Thomas, CNBC
Feb 18 2021
Walmart announced Thursday it will raise pay for workers to an average above $15 an hour, giving a boost to 425,000 employees.
Walmart said its minimum starting wage for workers will remain at $11 an hour. Its U.S. workforce numbers about 1.5 million people, making it the nation抯 largest private employer.
The big-box retailer made the announcement as it reported holiday-quarter earnings that fell short of Wall Street抯 expectations, weighed down by Covid-related expenses and heightened investments in e-commerce. Walmart also cautioned that it expects its sales growth to moderate this year.
Walmart shares were down more than 5% in early trading.
Beginning March 13, the company said, pay for store workers in digital and stocking positions will go up to $13 to $19 an hour, depending on store location...
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