Walmart unveiled its 2022 annual report ahead of its annual shareholder’s meeting, which is slated to take place on June 1.
The 2022 annual report highlights the retailer’s financial strength and positioning for ongoing success through investing to serve customers in new, digital ways, growing new revenue streams, investing in associates, supporting communities and working to become a regenerative company, all while providing returns to shareholders, the company said.
In his annual letter to shareholders, associates and customers, Walmart president and CEO Doug McMillon shared his gratitude for the accomplishments of Walmart associates and partners, as well as his optimism, in light of the pandemic and economic related issues during the past two years.
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“Around the world, we’re still working through the various pandemic related issues as well as the economic and employment environments in each country where we operate," McMillon said. "Despite the challenges of the moment and those that lie ahead, the emotions I feel are those of gratitude and optimism. I’m grateful for our associates and grateful for the customers and members that trust us enough to shop with us so frequently. I’m grateful to our suppliers, our marketplace sellers and those that partner with us to serve customers and members better and engage in our collective work to become a regenerative company. I’m optimistic about our future because of the momentum we’ve built and the desire and ability of our team to change, while embracing our timeless purpose and values.”
He also outlined the strategic path forward for the company and touched on the ways Walmart continues to find new ways to support customers in new and different ways.
“As more customers and members join our ecosystem, it gives us an opportunity to monetize the capabilities and assets we’ve developed to diversify our revenue and profit base," he said. "Sometimes that means new businesses like Walmart GoLocal, our delivery as a service platform, or Walmart Luminate, a suite of insight and analytic tools for suppliers and sellers. Other times it can be the expansion of existing businesses like advertising, where we’ve seen tremendous growth over the last few years. It’s now a $2.1 billion business for us globally. We’re attaching B2B businesses to our B2C businesses in a way that supports investments and profitability."
“Our strategy is clear. It’s to build strong local businesses that share common flywheel characteristics, powered by Walmart with ideas, resources, talent and technology. Each market is positioned to deliver long-term, sustainable growth. Our teams in each market know their customers well, and they partner on common areas to drive progress even faster. We’re expanding the ecosystem that supports them as we grow capabilities in areas like advertising, payments and other financial services and health care.” McMillon concluded.