Walmart Inc. (WMT)

“So we continue to feel really strong about the top line trajectory that we have in international.”

“So over the next few quarters, we'll really be focused on ensuring that it's the right number of items and the right quality of SKUs that are listed in the assortment.”

“The maximum fair pricing legislation that was enacted and goes into effect in January, will affect our health and wellness business, specifically our pharmacy business. That will influence the comp in January a little bit, but all in, if you look at our revenue guidance, it's very much in line with the first part of the year.”

“We'd say that overall, the environment feels pretty consistent. There's certainly some pockets of moderation that we're keeping an eye on. But if you look at our guidance for 4Q, it would indicate that we have an expectation that it's going to look pretty similar to the other quarters this year.”

“For adjusted EPS, we expect the full year to be in a range of $2.58 to $2.63 with Q4 in a range of $0.67 to $0.72.”

“For Q4, our operating income guide reflects the timing shift of Flipkart's BBD event as well as the lapping of wage investments in Sam's Club U.S. Business mix will continue to be a margin benefit and we expect merchandise category mix to continue to be a headwind.”

“Importantly, despite 150 basis points of headwinds from the VIZIO acquisition and lapping leap year, as well as higher-than-expected claims expense, we still expect to grow operating income faster than sales for the year, which aligns with our longer-term financial framework.”

“Currency is expected to be an approximate 100 basis point benefit to fourth quarter reported operating income growth.”

“For operating income, we expect full year growth in a range of 4.8% to 5.5% on a constant currency basis, with Q4 growth in a range of 8% to 11%.”

“Notably, if currency exchange rates stay where they are today for the entire fourth quarter, we would expect a $1.1 billion benefit to reported sales growth.”

“Fourth quarter constant currency sales guidance is for growth of 3.75% to 4.75%.”

“Full year sales in constant currency is expected to grow between 4.8% and 5.1%, up from 3.75% to 4.75% prior.”

“In terms of maximum fare pricing, I believe that there's still information coming in on this in terms of which drugs they're applied to. So probably a little premature to give you a number on the impact. But overall, the health and wellness business is still going to continue to grow.”

“We believe that that's gonna generate returns well in excess of what we've done historically.”

“Or 6% growth when factoring in the 150 basis points of callouts.”

“Importantly, if we were to achieve the midpoint of our updated guidance for FY '26, sales would grow 4.25% and operating income would grow 4.5%.”

“Our annual guidance for adjusted operating income growth remains unchanged at 3.5% to 5.5% on a constant currency basis despite the negative impact from higher claims expense than originally anticipated.”

“Notably, if currency exchange rates were to stay where they are now for the entire third quarter, we would expect a modest headwind to reported sales growth.”

“which we'll provide to 95% of US households by the end of this year.”

“We're expecting to have a good holiday season at Walmart.”

“But as we replenish inventory at post-tariff price levels, we've continued to see our costs increase each week, which we expect will continue into the third and fourth quarters.”

“As the cost of goods environment settles, we expect the transformation of our profit mix to be even more pronounced, and we're confident in a return to operating income growth more consistent with the multiyear trend.”

“At the upper bound of 6% OI growth, we assume customer and member behavior remains consistent with year-to-date observations and our approach to pricing on a relative basis continues to drive share gain across channels, while inventory turns remain healthy.”

“At the low end of 3% operating income growth, we assume sales moderate quarter over quarter and unit sales slow.”

“I think it's fair to say, obviously, we're going to use -- we're going to spend more in share buyback this year than we did last year, given that we've already done that one quarter into the year.”

“there is nothing about this current period that makes us feel differently about anything we've previously said about our long-term financial framework to grow annual sales about 4% and operating income faster than sales.”

“We have a lot of confidence in our business, and we'll continue to be opportunistic with buybacks if share price dislocations occur.”

“Over the course of the rest of the year, you will continue to see us expand our capacity and capability to deliver from FCs quickly, including same day, next day and two days.”

“Notably, if current exchange rates were to stay where they are right now for the entire second quarter, we would expect a headwind of approximately 120 basis points to reported sales growth.”

“That said, in what we believe are the most likely scenarios that we've modeled, we still have the ability to achieve our full-year guidance for both sales and operating income.”

“We continue to expect FY '26 CapEx to be in the range of 3% to 3.5% of sales.”

“We expect this trend to persist for at least a few quarters.”

“But even at the reduced levels, the higher tariffs will result in higher prices.”

“But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins.”

“We'll soon reach 95% of the population in the U.S. with delivery options of three hours or less.”

“We may experience larger gains related to markups in the second quarter, and some of those may be offset by markdowns in the third and fourth quarters.”

“Should more progress on-trade in the next several weeks be favorable, there could be upside. If elevated tariffs remain in place for an elongated period, there would be downside risk.”

“Our plan this year assumes that we're going to buy back more stock than we did last year.”

“The standard that we're holding ourselves to is that we want to see our ROI go up every single year.”

“We planned a very - I'd say a normalized year, and I know this is 1% to 2% There will always be some anomalies like what we're seeing right now with eggs as a result of avian flu last fall. Those things tend to work themselves out over time. So we don't have a large inflation number planned into this year.”

“We obviously have a lot to say about this since we're all talking. But I want to directly answer your question. Over the last year, the mix change for general merchandise in our business was down about 100 basis points. We're assuming this year is about half of that.”

“Keep in mind, each of the last two years, we've guided operating income of 4% to 6% growth annually. This year, if you normalize for the effect of Leap Day in VIZIO transaction, our guidance suggests an outlook of 5% to 7%.”

“As we've said in the past, the relationship of operating income growing faster than sales may not occur every quarter that we expect the framework to hold on an annual basis at the enterprise level.”

“Additionally, we expect first half sales and operating income to grow in the range of our full year guidance.”

“On a 2-year stack basis, the midpoint of our guidance would suggest operating income growth of 15%.”

“We expect CapEx to range between 3% and 3.5% of sales, as we invest in technology to optimize our supply chain, remodel stores and open new stores and clubs in both the U.S. and certain international markets.”

“If current exchange rates were to prevail for the full year, we would expect a headwind of approximately 100 basis points to sales growth and approximately 150 basis points to operating income growth, with more significant headwinds in the first half, given the degree of change in exchange rates versus last year.”

“Adjusted EPS is expected to be in the range of $2.50 to $2.60.”

“Operating income is projected to grow faster than sales at 3.5% to 5.5%, including 150 basis points of negative impacts for the VIZIO acquisition related to integration investments and transition costs, as well as from lapping leap year.”

“For fiscal year 2026, we expect consolidated net sales growth of approximately 3% to 4%, including the negative impact from lapping leap year and the favorable contribution from VIZIO sales.”

“Investments in supply chain automation and productivity are expected to lower our cost to serve, which supports our EDLP commitment.”

“Over our planning horizon, the growth of this portfolio is expected to be one of the largest drivers of operating income growing faster than sales.”

“We do have some dilution related to the transaction cost with that in the first quarter, about 70 basis points. But we expect this transaction to be -- to begin being accretive to Walmart next year.”

“We do feel like we're getting really close to both in earnings and a free cash flow inflection as you look at the benefits of a lot of these changes in our business just becoming larger as the composition of our overall business.”

“But you have to keep in mind going forward that as we get more digital, you're going to see pressure on the SG&A line.”

“Our plan calls for general merchandise to improve in future quarters, but to continue to underperform health and wellness in grocery until we return to more normalized purchasing cycle across GM categories.”

“Adjusted EPS is expected to be between $2.42 and $2.47 versus prior guidance of $2.35 to $2.43.”

“We now expect full year sales growth of 4.8% to 5.1%, and operating income growth of 8.5% to 9.25% versus prior guidance of growth of 3.75% to 4.75% and 6.5% to 8%, respectively.”

“We think that will continue to happen over the next couple of years, but it's great to see the momentum across so many channels.”

“We're comfortable with the outlook that we provided where we said that the way to think about our financial architecture over the next several years is that operating income will grow faster than sales and sales should on average, be about 4%.”

“The fourth quarter will be fun to watch. The calendar is not our favorite with fewer days between Thanksgiving and Christmas. And I suspect when all that said and done, it will be similar to the kind of momentum that we've seen in the first three quarters.”

“We bought increases and we're playing offense, so we're expecting to have a good holiday and we look forward to serving our customers and members through all the holidays around the world.”

“and by the end of the year, roughly we should see about 3,000 stores of the 4,600 having deliveries from automated facilities in some way.”

“So we did not see a step down and our outlook for the back half of the year is really for more of a continuation of what we've seen.”

“We expect these investments to yield returns that will allow us to increase our return on invested capital each year.”

“This should result in operating income growing slightly faster than sales when looking at the second-half in total.”

“We now expect full-year FY ‘25 sales growth of 3.75% to 4.75% and operating income growth of 6.5 to 8% versus our prior guidance of growth of 3% to 4% and 4% to 6% respectively.”

“I would guess that private brand continues to grow although it'd be okay with us if the percent of total leveled out for the reason that I just mentioned.”

“So I don't forecast that we're going to see a lot of deflation in our number looking ahead. It probably levels out about somewhere near where we are with the mix being reflected as I just described.”

“They're on track to the growth trajectory that we had them on.”

“Since then, we've deployed it in about 20% of our clubs and we're on track to have it in all U.S. clubs by year end.”

“We're on track to do more than 900 this year.”

“Greg, we expect it to be relatively close to what we saw in the current quarter.”

“For us, that's resulted in about a 100 basis point shift away from general merchandise to other categories of our business in the first quarter. We expect that to continue or some magnitude of that for the balance of the year.”

“Our Q1 results and the midpoint of our 2Q guidance suggest that we should be at the high-end or even slightly above our sales and operating income guidance for the year.”

“In Q2, we expect operating income growth to be impacted by timing of tech and wage investments.”

“We expect to continue to earn healthy levels of sales growth and simultaneously grow profit faster than sales this year, while managing our price gaps and investing in our associates at the same time.”

“if we do need to make further price investments to drive growth or to ensure those baskets are in good shape, we can do that.”

“we see an even larger spread between eating at home, preparing meals at home and eating out, which we think can help Walmart over the remainder of the year.”

“From a profit point of view, we can grow profit faster than sales, while investing in our associates, while investing in our business, and having flexibility on price if we need it.”

“In terms of where we or when we can get to profitability, we have line of sight to e-commerce being breakeven when we include all the various components of this, advertising, fulfillment services, all that together.”

“One is our product margin, which we are not relying on raising prices to achieve our long range plan.”

“Importantly, we believe the transaction would be IRR accretive, delivering returns ahead of our expected ROI.”

“From scaled businesses to our faster growing newer businesses, we're well on track to continue to hit the financial targets we laid out and make important investments for the future.”

“We believe global advertising and membership alone will represent 20% of annual operating income in FY 2025.”

“I'll also point out that while mix, and I should say product mix, has been a headwind over the last two years, we do assume some amount of headwind going into the coming year as general merchandise is -- will be less of our business relative to food.”

“Conversely, on the SG&A line, we do expect some amount of deleverage in our business.”

“As we continue the multi-year investment in technology and innovation to optimize our supply chain and stores, we expect CapEx to range between 3% to 3.5% of sales for the next couple of years.”

“In the second half, we expect operating income growth to exceed our sales growth.”

“At the enterprise level, we expect sales to grow faster than operating income in the first half due primarily to the timing of technology spent.”

“We expect all three segments to contribute to operating income growth, led by Walmart U.S., Walmart International, and then Sam's US.”

“We expect Walmart U.S. and Sam's Club U.S. net sales growth to fall in line with the enterprise and for international growth to be above enterprise growth.”

“These three markets are expected to account for approximately three-fourths of international growth over the next several years.”

“We expect to begin seeing the enterprise financial benefits of upstream automation and cost to fulfill, inventory efficiency, store productivity and wage leverage as we move through FY 2025 with a more pronounced benefit in the second half.”

“With the progress we've made over the past year we're on track toward our goal of having approximately 55% of our fulfillment center volume and roughly 65% of supercenters serviced by automation by the end of FY 2026.”

“We believe the deal would close during FY 2025.”

“By the end of the year, we'll make it available to about 75% of households in Dallas, Fort Worth.”

“But as these businesses scale in places like Mexico and Canada, we expect to see a similar relationship.”

“Outside the U.S., we'll open around 230 stores and clubs next year, mainly in Mexico and Central America, and in China where they'll mostly be Sam's Clubs.”

“We'll remodel 928 stores and clubs globally over the next year, including 650 stores in the U.S.”

“This implies high single digit annual sales growth for the segment.”

“We're on pace to achieve our goals to reach approximately $200 billion in GMV and more than double profits by FY 2028 from the FY 2023 base.”

“So we'll continue an aggressive plan for the remodel locations into next year”

“Based on Q3 results and less of an increase in interest cost for the year than we previously expected, we're raising our full year EPS guidance range to $6.40 to $6.48.”

“We'll take a similar approach again during Q4 offering discounted access to Walmart Plus memberships while providing members early access to the best savings event throughout the holiday season.”

“No, it's in the plan. What happened in Q3 is a few that had been in process, slipped into late October, and then 117 on one day was quite a big number. So what you'll see going forward is a more balanced of remodels completing by quarter.”

“Wage inflation is not as bad as it was before. We've got an appropriate wage improvement for our associates planned for next year.”

“because operating income is growing faster than sales, we -- our plan requires that we grow return on investment at a higher rate over time.”

“We expect to grow share. We expect to have a healthy topline and as it relates to operating income, we've got a really good multiyear plan with two primary dimensions.”

“So if you go back and you think about what we shared at Investor Day saying that we expect over the next several years to grow sales 4% and operating income greater than 4%, we would expect with each passing year, we're going to see a greater contribution from these higher margin profit streams, which help us to improve our margin each year.”

“On the legal expenses, those were related to -- largely related to prior periods, and that was not anticipated within the quarter. It's around $70 million to $75 million. So we would not expect that to recur into the fourth quarter.”

“We expect merchandise mix pressure to continue in Q4 with grocery and health and wellness sales rates outpacing general merchandise and potentially be a bit more pronounced given the uncertain consumer environment.”

“The net effect is a 20 basis point to 30 basis point headwind to our prior guide and as such, we currently expect to be in the lower end of the operating income growth range for the year.”

“In addition to the 40 basis points of unexpected legal expenses in Q3, we also expect to record charges in Q4, totaling approximately 20 basis points to 30 basis points related to unplanned store closures and recovery costs associated with the recent hurricane near Acapulco, Mexico.”

“We still expect sales growth to moderate in Q4 versus prior quarters as grocery inflation further normalizes towards historic levels.”

“We continue to expect our ROI to increase over the coming years.”

“As we focus on improving e-commerce margins, we're making good progress in lowering digital fulfillment cost and densifying the last mile by tapping our broad store and club network.”

“These 1.5 million square feet facilities are expected to more than double the storage capacity, enable 2X the number of customer orders fulfilled daily, and will expand next and two-day shipping to nearly 90% of the U.S. including marketplace items shipped by Walmart Fulfillment Services.”

“As we've said previously, over the next several years, we expect margins to move higher as we modernize our supply chain and scale higher margin growth initiatives.”

“We no longer expect any further LIFO charges in Sam's Club this year.”

“We expect the relationship between profit and sales growth to favor profitability in Q4 and for the full year to align with our goal of operating income growing faster than sales.”

“Timing of our Flipkart Big Billion Days event, which moved from Q3 last year to Q4 this year, affected comparisons in our International segment, leading to a decline of 3%. So we'll see the benefit from the timing shift as we report next quarter.”

“I don't necessarily see a more promotional holiday season than what we were currently planning.”

“When we get to the end of this year and you look at our ROI on a trailing 12-month basis, we're going to see fairly material uptick if you look at our guidance, what's implied there.”

“We expect ROI to go up over time.”

“We also expect a negative impact from fuel margins at Sam's Club versus last year's elevated levels.”

“We expect operating income in constant currency to increase approximately 7% to 7.5%.”

“We now anticipate LIFO will be a $200 million charge to operating income versus the $500 million charge that was in our prior guide.”

“But the trends we see in general merchandise sales make us feel more optimistic about those categories in the back half of the year.”

“We still expect food, consumables and health and wellness, primarily due to the popularity of some GLP-1 drugs to grow as a percent to total in the back half.”

“So, if we see a reversion there, it's not going to have any outsized impact on our business.”

“So the program is going well, and we see several hundred of these in construction and on the way this year.”

“SKU count, as I mentioned late, I think it was Q4, Q1, both in the $400 million range. We expect that to grow probably not at the rate that it grew last year.”

“So the markdown comparisons will moderate slightly forward.”

“And then as you get into the back half of the year, things tend to normalize a bit.”

“It becomes more of an issue as we lap Q2 last year.”

“But I certainly expect that just the trends in food and consumables and the strength that we have in those as well as health and wellness will persist over the next few quarters.”

“As we get into the back half of the year and we see a more pronounced impact from some of the initiatives that we discussed at our Investor Day around these higher-margin, higher growth areas, that will begin to have a more outsized impact.”

“I don't think it's fair to assume that the first quarter is necessarily going to be the peak.”

“Excluding the $173 million benefit from Walmart Chile insurance proceeds last year, operating income growth in constant currency is expected to be flat to up slightly.”

“And our tax expectations have moved toward the upper end of our prior range at approximately 26.5%.”

“NCI or non-controlling interest is expected to be closer to a $0.20 drag to EPS year-over-year, including strength in Walmex.”

“Our recent debt issuance yielded a more favorable interest rate than estimated, and as such, our net interest expense is expected to grow $600 million versus last year.”

“We expect operating income and constant currency to increase approximately 4% to 4.5%, including an expected 100 basis point impact from LIFO charges.”

“Our expectations are for Walmart U.S. and International to grow slightly faster than our prior view, and for Sam's Club growth to be consistent with our February guidance.”

“Over time, we expect revenue growth across a diversified set of drivers, improved category mix, and increasingly accretive business mix, coupled with improved unit economics.”

“We're investing capital to optimize our distribution and fulfillment nodes with automation that we expect will drive a significant improvement in unit economics in the coming years.”

“We expect category mix to remain a gross margin headwind for the balance of FY 2024.”

“I think that if anything, health and wellness, the impact that it's having on the mix and penetration could get larger based on the growth rates you're seeing in these drug types that John David mentioned.”

“This stubborn inflation in dry grocery and consumables is one of the key factors creating uncertainty for us in the back half of the year because of the cumulative impact on discretionary spending and other categories, specifically, general merchandise.”

“the financial architecture suggests that the operating income should outperform sales growth over the next several years.”

“what we're fundamentally focused on is growing the absolute dollars of free cash flow each year.”

“But we absolutely 100% believe that we've got a business that can drive that kind of outcome, where we've got sales growing at 4% or higher, frankly, as well as operating income outpacing that.”

“We're at an inflection point to begin to accelerate margin expansion, reinforcing that the algorithm is in place.”

“we have clear line of sight toward better efficiencies and ROI on these investments in the medium term.”

“we expect some of those to be better.”

“as we look at where we are today, with a much better position around inventory... I feel like this year will be more of a normal environment for markdowns.”

“We do think we'll have some mix impact going into this year, which we stated.”

“think of the fresh categories as kind of bouncing around, going up and down and being more volatile. It's dry grocery and consumables that we think are going to create the pressure that customers are going to feel and have the impact it relates to us on mix over the course of the year.”

“If you look, particularly for the U.S. business, the incremental margins will be higher year than what you typically see”

“certainly, LIFO is something that we expect to have some impact this year, but not a prolonged effect in the years that follow.”

“But as noted, our business composition, or the things like our initiatives, advertising, Walmart fulfillment services, those are contributing to a larger share of our overall business, which has less of an impact as we look at this fiscal year. It will be more pronounced as we get into the next year and the year thereafter that, where you see the margin structure change a little bit more.”

“our planning assumption is to buy back less stock than we did last year.”

“relative to last year, you'll probably see us do less on share buyback. And therefore, it will have less accretion in terms of the earnings impact.”

“if you look, particularly for the U.S. business, the incremental margins will be higher year than what you typically see, and in large part for the reason that you mentioned.”

“this allows us to not only invest appropriately with our associates and continued technology but also to see margin expansion over time.”

“that's really before we expect a sharper acceleration in the years to follow.”

“we do expect to see our return on investment improve marginally this year.”

“We expect operating income growth to begin to outpace sales growth to a greater degree in the second half of the year versus the first half.”

“We currently expect sales growth to be strongest in the first half then moderating in the second half, reflecting our macro assumptions and a more difficult year-over-year comparisons.”

“In total, these below-the-line factors account for approximately $0.42 of year-over-year EPS headwind.”

“First, interest expense is estimated to be about $750 million higher than last year. This translates to an approximate $0.20 year-over-year EPS headwind with Q1's impact less than the remaining quarters.”

“With sales growth expected at a lower rate versus the prior year and our commitment to continuing to invest in our people and technology, we expect SG&A to delever slightly in FY '24.”

“We expect gross margin to benefit from the lapping of higher supply chain costs and markdowns from this past year as well as growth from our newer initiatives, many of which have a higher profit margin.”

“Gross margin rate is expected to increase this year, though not back to FY '22 levels yet.”

“We expect FY '24 CapEx to be flat to up slightly in total dollars compared to last year as we continue the multiyear investment in technology and innovation to optimize our supply chain in stores.”

“This year will likely be lower, but we look forward to getting back to a sales growth trend more in line with what we've delivered over the last few years.”

“Based on FX rates at the end of our fiscal year, we estimate a potential year-over-year enterprise sales tailwind of about $1.2 billion from currency.”

“Even with an estimated 100 basis point impact from LIFO charges, we still expect to grow operating income more than sales.”

“This guidance assumes product mix pressures persist, but that our business mix continues to improve.”

“In FY '24, we expect operating income growth to outpace sales growth.”

“We don't have an assumption that, that bounces back rapidly next year.”

“In terms of the timing of next year, it's more front-loaded than the back half of the year.”

“But our expectation, given that we think that these prices will persist, is that Walmart U.S. will then -- will soon begin incurring these charges as well.”

“That said, we're planning our business with the assumption that inflation remains somewhat elevated.”

“And adjusted EPS is expected to decrease 3% to 5%, including higher year-over-year tax and interest expenses.”

“We feel good about our ability to sell through the majority of this in Q4 and expect continued year-over-year improvement even when including the effects of inflation.”

“Our Board has just approved a new $20 billion share repurchase authorization that we expect to utilize over the next several years.”

“I certainly hope not. And so if we do get back to what we've seen over the last three decades, you would expect that to reverse out in a reasonably quick time period.”

“Yes, John, you jump in here, too. I think what you should take away from Q3 and Q4 guidance is that we’re expecting the environment to look a lot like Q2.”

“At the end of Q1, we said this would take a couple of quarters to work through. I would just reiterate that, that remains true.”

“Through Q2, we are ahead of pace on our original share repurchase plan for this year and now expect to repurchase $10 billion to $11 billion in shares for fiscal year 2023.”

“We estimate that only about 15% of our total inventory growth in Q2 is still above optimal levels and our actions in Q3 will allow us to make significant progress toward rationalizing absolute levels and mix, which will enable our stores to be well positioned ahead of the holiday season.”

“We expect to have about 5,000 pickup locations by year end and client satisfaction scores are strong.”

“For now, we are assuming that this is the level we are at and it could continue.”

“Given our confidence in selling through the inventory, I feel confident about operating cash flow getting back on track as we go through the year.”

“The current sales strength and warmer weather in the U.S. give us confidence in our ability to work through this fairly quickly and strategically.”

“We're committed to our 4% top-line growth and greater than 4% profit growth algorithm.”

“We shared that Q1 was up about 30%. Those ancillary businesses in the U.S. and around the world are growing, and we expect that to continue.”

“And then on the GM side, may see that turn faster during the course of the year.”

“Michael, this is Doug. I think it's more about market dynamics than it is relative to competition and I would expect to get these things back over time.”

“The costs related to inventory and fuel prices in the U.S. will strike some into Q2, but the scheduling-related costs have been mitigated.”

“And while we expect some gross margin pressure in Q2, we expect an improvement over Q1.”

“Due to that and continued investment in strategic priorities, we anticipate this year's CapEx being at the upper end of the guidance we gave last year of 2.5% to 3% of sales.”

“For the first time in a while, we expect some expense deleveraging as we continue to see elevated supply chain wage and tech costs.”

“For the year, we expect gross margin rates to increase due to pricing, mix and new business initiatives.”

“Our effective tax rate is expected to increase to 25% to 26% due primarily to earnings mix.”

“Our guidance assumes that we will see some relief from that as the year progresses and that the U.S. consumer remains in a generally favorable economic position throughout the year.”

“We expect Walmart Connect to continue to scale over the next few years with plans to become a top-10 ad business in the midterm.”

“We have nearly 1000 GoLocal service pickup points and we expect to end this year closer to 5,000.”

“We grew our U.S. GMV delivered by our fulfillment services by 500% last year. We expect the robust growth will continue this year as we add more capacity.”

“We added more than 20,000 new sellers to the platform in the U.S. last year, and expect to add nearly 40,000 more this year.”

“We increased capacity by nearly 20% last year, and we expect to increase capacity by another 35% this year.”

“I still feel really good about the long-term algorithms -- mid to long-term algorithms that we discussed in February about being able to grow operating income faster than sales as a company going forward.”

“I think it's going to be really strong.”

“We would care a little less about how the gross margin and SG&A balance out as we would with the net looks like. And so we're managing in that fashion and that's what you can expect us to do going forward.”

“Annual adjusted EPS is expected to be around $6.40 for the year, representing 17% growth.”

“I feel good about our ability to grow profit greater than sales as we talked to in February.”

“And as you look at the longer-term growth that we talked about, 4% type growth for the company longer term, I still feel good about that.”

“In fact, we're on-track to deliver $75 billion in global eCommerce sales this year and on our way to $100 billion in the near term.”

“The tremendous progress we've made means we're on-track to achieve the updated target we announced of a 35% reduction by the same date.”

“So I think we're in good shape going into the fourth quarter -- third and fourth quarter.”

“We expect to make hundreds of thousands of additional items available for fulfillment services this year alone.”

“Walmart Connect U.S. advertising sales nearly doubled in Q2, and we expect the rapid growth to continue.”

“In Canada, COVID-related government restrictions on the sale of nonessential categories like apparel and general merchandise pressured sales and profitability, but we're optimistic that we'll see a more normalized sales and profit environment in the back half.”