In a recent interview with Jim Cramer, Walmart Inc WMT CEO Doug McMillon expressed his confidence in the company’s advertising business. This comes after the retail giant’s strong performance in the digital and e-commerce space.
What happened: McMillon, in a conversation with Cramer, highlighted the unique advantages Walmart has in the advertising industry, CNBC reported. He highlighted that the company’s expanding digital reach, combined with the growth of its e-commerce business, represents a lucrative opportunity for advertising sales.
“When you increase your digital reach and have a growing e-commerce business like ours,” McMillon said.
“You have the opportunity to sell ads, and we can connect the dots for advertisers.”
McMillon revealed that Walmart’s global advertising business saw a 28% increase over the year. The company’s e-commerce sales also topped $100 billion for the first time. To further strengthen its advertising business, Walmart announced the acquisition of the television maker Vice for 2.3 billion dollars.
“Self [advertisers] advertise with a digital ad, for example, and a customer makes a transaction a week later at a store or club, we can connect them and let them know that the ad actually worked,” McMillon said.
“That’s the differentiating advantage we have.”
See Also: Dogecoin Hits $0.09 After Reports Suggest Ferrari Now Accepts DOGE – Trader Says He Put ‘Every Single Penny’ He Earned on X Into Coin Meme
The CEO attributed Walmart’s success to its broad reach and its ability to accurately measure the effectiveness of advertisements. He also recognized the company’s ability to attract and retain customers in various income ranges, as well as its focus on convenience.
Because matter: McMillon’s optimistic outlook on Walmart’s advertising business follows a series of strategic moves and strong financial performance at the retail giant. Earlier this year, Walmart reported better-than-expected holiday sales, including two days of record-breaking volume before Christmas. This was seen as a testament to the company’s resilience in the face of inflation and supply chain challenges.
Walmart’s fourth-quarter earnings report also impressed analysts, while Goldman Sachs’ Kate McShane reiterating a buy rating on the company’s shares. The report showed fourth-quarter adjusted earnings per share of $1.80, topping both McShane’s and Wall Street’s consensus estimates.
McMillon’s leadership has been instrumental in Walmart’s journey. His remarkable rise from unloading trucks at a Walmart distribution center as a teenager to becoming the company’s CEO has been an inspiration to many. His dedication to the company and his strategic vision have played a crucial role in Walmart’s continued success.
Read next: Bitcoin, Ethereum and Dogecoin Gains Remain Intact During New Trading Week – According to King Crypto Analyst
Walmart photo by Sundry Photography on Shutterstock
Designed by Benzinga NeuroBy
Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system leverages Benzinga’s extensive ecosystem, including native data, APIs, and more to create rich, timely stories for you. Learn more.