Walmart (NYSE: WMT) struggled to keep up Amazon (NASDAQ: AMZN) when Doug McMillon became CEO of the retail giant in 2014. Its superstores became showrooms for Amazon’s online purchases, and its own e-commerce initiatives were weak.
But under McMillon, Walmart aggressively built its e-commerce ecosystem, adapting to Amazon’s pricing and delivery options, renovating its stores, using its brick-and-mortar network to fulfill online orders, and increasing employee wages.
Walmart also expanded overseas with a stake in China JD.com and the takeover of the Indian Flipkart. These bold initiatives initially curbed earnings growth, but helped him keep up with Amazon.
Walmart’s share price has nearly doubled in the past five years, producing a total return of nearly 120% after dividends reinvested into account. But Amazon’s stock is up nearly 400% over the same period.
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