Walmart Inc at Morgan Stanley Global Consumer & Retail Conference Transcript

Jan 23, 2024

Dec 06, 2023 / 05:45PM GMT
Simeon Ari Gutman - Morgan Stanley, Research Division - Executive Director

Good afternoon, everyone. Welcome to this keynote fireside. I'm Simeon Gutman, Morgan Stanley's hardline, broadline and food retail analyst. My pleasure to have Walmart in at this event, second year in a row, keynoting represented by John David Rainey, EVP and CFO.

Quick disclosures. Please see our website, www.morganstanley.com/researchdisclosures.

Everyone knows the story fairly well. The Walmart story took a, I'd say, a step change higher over the last 18 months with the introduction of what's been termed, I think by Doug, the second P&L. A lot of focus on that. And at the same time, the core business has been healthy in gaining market share. Now the question is how this alternative revenue, the second P&L kind of flows in over time. eCommerce has been a standout in this year. And I think the story is starting to offer elements of both offense and defense.

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Simeon Ari

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