Walmart CEO Doug McMillon hasn't noticed American consumers pulling back on spending to start this year, despite some fear that's been the case.
Walmart CEO Doug McMillon hasn't noticed American consumers pulling back on spending to start this year, despite some fear that's been the case amid a tariff tiff with China and some Americans receiving fewer dollars back in tax refunds in 2019.
Walmart during the fourth quarter reported earnings and sales that topped Wall Street estimates, boosted by the retailer's still-growing e-commerce business. The company is forecasting its digital sales will be up 35% in 2019, slightly less than growth of 40% in 2018. It continues to make investments online to compete with Amazon, including launching a new baby registry, growing its online grocery business and acquiring start-ups like Art.
It's true that Walmart has taken a hit on Wall Street for some of its digital investments, which have eaten into profits in the near term. Amazon has historically gotten away with this more than its rivals. But McMillon says Walmart is focused on the long term.
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