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Walmart Q4: ‘Building on momentum’ results in 6% growth for 2023

Walmart Q4: ‘Building on momentum’ results in 6% growth for 2023
Walmart Q4: ‘Building on momentum’ results in 6% growth for 2023

Walmart has announced strong revenue growth in the fourth quarter (Q4). Results delivered today showed a revenue growth of 5.7%. Looking at the entire year under review, consolidated revenue topped $648.1 billion, which is a spike of 6%.

President and CEO at Walmart, Doug McMillon, has called the latest financial earnings a “strong performance,” which is not restricted to some parts of the company. The company’s global e-commerce sales also grew by 23%.

“Our in-stock levels are improving, and our overall inventory levels are down. Our customer experience scores are encouraging, and we have momentum as we start the year,” says an optimistic McMillon.

He has vowed to continuously improve the service while “building on this momentum” to serve the community. The company further believes that its omnichannel model resonates with customers, giving them a competitive edge. 

McMillon explains that retail growth expanded by nearly 5% in the last quarter. This while adjusted operating profit growth increased by 10.9%. “We had strong performance across the company.”

Customer experience levels

“Our customer experience levels are encouraging,” says McMillon while thanking consumers for shopping with Walmart, contributing to the spike. 

Walmart had seven automated market fulfillment centers up and running by the end of 2023. This heavily contributed to faster deliveries to customers’ doors, in some areas, even at their doorstep, with a drone.

McMillon says the company has “momentum” as it kicks off the 2024 year. In line with plans to improve customer experience as a revenue driver, Walmart is now also buying Vizio for $2.3 billion.

ALSO READ: DroneUp receives groundbreaking approval for drone deliveries

Investing in drone delivery

The acquisition of television manufacturer Vizio comes with plenty of opportunities in the drone sector. CBS News reports that Walmart believes this could help it build “advertising and media business in the US.”

Walmart anticipates collaborating between VIZIO’s advertising solutions business and its reach and capabilities. “These benefits would be further strengthened by the growth of connected TV platforms and Walmart’s industry-leading TV panel sales,” it says in a joint statement.

Vizio operates with the SmartCast Operating System, which has over 18 million active accounts. Walmart is facing more pressure on its margins from budget-friendly consumers. “[The acquisition] would also create new opportunities to help advertisers connect with customers. It will also empower brands with differentiated and compelling opportunities to engage at scale.”

“We believe VIZIO’s customer-centric operating system provides great viewing experiences at attractive prices. We also believe it enables a profitable advertising business that is rapidly scaling,” says its executive vice president, Seth Dallaire.

NOW READ: Walmart expands drone delivery in Texas

About the author

Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.

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