Amid jargon, numbers and a challenge to rethink its image, Walmart told investors how it’ll compete against e-commerce competitors and a rocky retail landscape.
During its annual investor meeting, Walmart delivered a lowered sales growth forecast and operating income decline.
Walmart now expects to earn between $4.65 and $4.80 per share for fiscal 2019, down from an earlier forecast of $4.90 to $5.05 per share.
Walmart estimates a 35 percent growth rate for its online business in the fiscal year ending in January 2020, against expectations for 40 percent growth in the current fiscal year. Walmart said the 35 percent growth rate will be off a bigger base. The company’s e-commerce business is also expected to post a slightly greater operating loss next year, Chief Financial Officer Brett Biggs said.
The company’s chief couched the underwhelming news in between the Walmart’s plans for the future, described with corporate speak and promises of innovation.