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 and the takeover of the Indian Flipkart. These bold initiatives initially curbed earnings growth, but helped him keep up with Amazon.

Image source: Walmart.

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.

I compared these …

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