Wal-Mart Stores, Inc. (NYSE: WMT) Duncan Mac Naughton EVP, Chief Merchandising and Marketing Officer Walmart U.S.

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1 Duncan Mac Naughton EVP, Chief Merchandising and Marketing Officer Walmart U.S. William Blair 33rd Annual Growth Stock Conference June 12, 2013

2 Forward-looking statement Walmart includes the following cautionary statement so that any forward-looking statements made by, or on behalf of, Walmart will enjoy the safe harbor protection of the PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, as amended. Such forward-looking statements, which will describe our objectives, plans, goals, targets or expectations, can be identified by their use of words or phrases such as anticipate, estimate, expect, forecast, plan, projected, will be or words or phrases of similar import. Statements of our expectations for FY14, and any subsequent fiscal years are forward-looking. Walmart s actual results might differ materially from those expressed or implied in a forward-looking statement as a result of factors including, among others, recessionary economic environment, cost of goods, competitive pressures, availability of credit, geopolitical conditions and events, labor and healthcare costs, inflation, deflation, consumer spending patterns, debt levels and credit access, currency exchange fluctuations, trade restrictions, tariff and freight rate changes, fluctuations in fuel, other energy, transportation and utility costs, health care and other insurance costs, accident costs, interest rate fluctuations, other capital market conditions, weather conditions, storm-related damage to facilities, customer traffic, factors limiting our ability to construct, expand or relocate stores, regulatory matters and other risks set forth in our SEC filings. Our most recent Annual Report on Form 10-K and our other filings with the SEC contain more information concerning factors that, along with changes in facts, assumptions not being realized or other circumstances, could cause actual results to differ materially from those expressed or implied in a forward-looking statement. Walmart undertakes no obligation to update any forward-looking statement to reflect subsequent events. 2

3 Customers adapting to the environment General population Jobs / job security Rising food prices Gas / energy prices Taxes Walmart moms Jobs / job security Gas / energy prices Rising food prices Keeping jobs in USA *Based on internal survey data 3

4 Walmart is well positioned to serve our customers Driving the productivity loop Delivering a broad, local assortment Operate for Less Buy for Less Grow Sales Sell for Less Serving customers through integrated channels 4

5 We have a solid framework to deliver on our strategy Price People Product Promotion Place Responsibility 5

6 EDLP delivers for customers every day EDLP strategy driving price leadership Consistently strong double digit price gaps* 100bps improvement in price gap in last 13 months Source: 13 months Nielsen & Walmart data ending 4/27/2013. Excludes Walmart private label, slow moving, discontinued, random weight, Rx & Optical items. Slow moving items are those that sold fewer than 40 units or in fewer than 10 stores in the rest of market. 6

7 Our EDLP commitment is enabled through EDLC Collaborating with suppliers to drive everyday low cost Up streaming Global Sourcing Retail Production Joint business planning Domestic manufacturing 7

8 Sourcing quality USA products Met with ~25 governors Progress Addressed 3,500 suppliers Holding manufacturing summit in August 2013 Over 100 Made in the USA projects in process In stores & Walmart.com 8

9 Delivering quality through brands and innovation New /expanded brands Exclusives & innovation Exclusive products Value innovation Sero 7 $4.88 Accessories $7.88 Bluray Flower Cosmetics Man of Steel iphone now on Straight Talk $3.98 Bras Great innovation and quality brands at everyday low prices 9

10 Localizing assortment by store Consumables Example: hand & body lotion clustering process Food Example: regional ice cream Income Competition Ethnicity Geography Demand Cluster Decision Over 3,500 store specific ice cream modulars Creating a store of the community experience! 10

11 Focus on freshness driving results in produce Improving product flow and execution Reduced time in supply chain Fresh audits & improved tracking Merchandising focus Improving produce comps* 7% Value *Produce comps are on a basis Now backed by our Fresh Produce Guarantee Quality 0% Q2 Q3 Q4 Q1 FY13 FY14 11

12 Communicating value and price in a unique way Fresh over and local basket challenge commercials For illustrative purposes 12

13 Operational execution at the core of our strategy Driving efficiency through On shelf availability* Consistent performance Modular planning Technology & innovation Key item focus Feb 2012 May 2013 *On shelf availability as measured by OSA

14 Leveraging physical footprint and dotcom capabilities Physical retail presence stores Technology and Innovation Providing for our customers Convenient pickups & fast deliveries Seamless shopping experience Ship from Store Site to Store Endless Aisle Scan & Go Same Day Delivery Locker test In Store Mode Pay with Cash 14

15 Providing real opportunities for every associate Current Walmart associates have 15

16 Leading on issues that matter to Walmart customers Women s economic empowerment On track to reach our $20B goal of sourcing from women owned businesses by 2017 Joint business planning with the top 50 women owned businesses Veterans initiatives Launched program on Memorial Day Over 650 completed process & hired* Healthy foods Developed and launched the Great For You icon Saved our customers more than $2.3 billion on fresh fruit and vegetables** *As of June 7, 2013 **As of January

17 17 Veterans initiatives commercial

18 Key takeaways Well positioned to serve our customer Price leader, delivering EDLP through EDLC Focused on a broad and local, quality assortment Collaborating across channels Leading on issues that matter to our customers and associates 18