Squawk Pod Reports: Walmart’s Doug McMillon

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 8 December 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a special episode of Squawk Pod, Joe Kernen, Becky Quick, and Andrew Ross Sorkin are in Washington, D.C. for the annual Business Roundtable meeting, speaking with Walmart CEO Doug McMillon. For 50 years, the BRT has represented the CEOs of America’s biggest companies, pushing for U.S. competitiveness and economic growth. In a conversation exclusive to CNBC, CEO of the nation’s largest retailer and largest employer (next to the federal government), discusses the pressures on American consumers this holiday, rising wages, and the road ahead for the American economy. In this episode: Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	We've got some customers who are more budget conscious that have been under inflation
0:08.1	pressure now for months.
0:09.6	The CEO of Walmart, Doug McMillan, gearing up for a penny-pinged holiday season.
0:14.6	That sustained pressure in some categories I think is something that customers are
0:18.2	having to deal with as we approach Christmas.
0:20.0	How exactly those customers are dealing with it from the company serving over 200 million of them each week
0:26.6	Families are choosing when they buy their big basket of things that they need all the time to look for value
0:32.0	Many of them are coming to us for those big food
0:34.6	and consumables baskets, and then they're being selective on general merchandise, being
0:39.0	really thoughtful about what they do with electronics and toys.
0:42.0	Plus how Walmart itself is managing economic pressures,
0:45.0	we'll hear from the chief of the nation's largest retailer
0:48.0	at the business roundtable's annual meeting.
0:50.0	We've been raising wages.
0:51.0	Our wage increases have outpaced our sales and profit growth by a long shot since 2015.
0:56.4	We'll continue to see wages go up and that's okay with us. We're finding ways to drive productivity.
1:00.8	I'm CNVC producer Katie Kramer. C. C. C. C. C. C. P. Reports, Walmart's Doug McMillan begins right now. This week for the first time in a few pandemic's trick in years, about 200 chief
1:19.4	executives, the biggest leaders of the biggest companies in America,
1:23.0	were all in a room.
1:24.0	The Business Roundtable annual meeting.
1:26.0	And lucky for you, Squawk Pod listeners,
1:28.0	we were there too.
	...

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