Takeaways: Walmart shareholders gather
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Walmart shareholders' first in-person gathering since 2019 wrapped up on Friday.
State of play: Walmart filled Bud Walton Arena. Comedian James Corden hosted. The Jonas Brothers, Jon Batiste, Yola — and Walmart's own employees — performed.
What they're saying: CEO Doug McMillon said during a Q&A with investors on Friday that he was concerned about inflation, adding that the inflation rate has a negative impact on too many families.
- He also acknowledged that the company's most recent quarter was disappointing. Shares were down 8%.
Yes, but: McMillon said Walmart's leaders are longterm thinkers who are working to bring costs down and hope to see an improved second quarter.
- As to the future, he said: "If the world is under more pressure and people are generally more value-conscious, we're the place to go. If the world is a little ... brighter than that and people can experience more convenience, then we've got delivery and e-commerce and everything else."
Of note: Walmart's award for entrepreneur of the year went to the ReliOn NovoLog team. The corporate giant launched its own affordable analog insulin brand last year.
Yes, and: McMillon told reporters on Friday that the company is seeing high demand at the Walmart Health clinics it began rolling out in 2019. The clinics are intended to offer primary care with low, transparent prices for people with and without insurance.
- The chief executive added that the company does not have a specific goal for how many such clinics it plans to open, adding that health care needs vary widely by community. The company recently bought a telehealth company, MeMD.