Argus
•
May 16, 2025
Walmart Inc.: Should manage tariffs as well as anyone
Sector(s)
Consumer Defensive
Summary
Walmart is the world's largest retailer. In the fiscal year ended January 31, 2025, revenues were $681 billion (compared with Amazon's $637 billion in total revenue). The company has three segments: Walmart Stores, which accounted for about 69% of revenue; Sam's Club, a membership warehouse chain, which comprised 13% of revenue; and the International segment, which generated 18% of sales. The company, based in Bentonville, Arkansas, ended fiscal 2025 with about 10,770 retail units in 19 countries. Groceries are the largest product category in the U.S. market, at approximately 60% of sales. Health and Wellness, another stable category, is 12%. General Merchandise is 26% of sales. Sam's Club gets approximately 65% of sales from Groce
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Analyst Profile
Chris Graja, CFA
Senior Analyst: Retail
Chris covers the Consumer sector for Argus. He was the #1 Stock Picker in the Household Durables sector, winning the 2019 StarMine U.S. Analyst award from Refinitiv. He was the #1 Stock Picker in Food and Staples Retailing, winning back-to-back U.S. Analyst Awards in 2015 and 2016. He received a prestigious Volunteer of the Year award from the New York Society of Security Analysts in 2000. Prior to Argus, Chris spent 16 years at Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s research division before joining the new Bloomberg magazine as Technical Studies Editor in 1993. He rose to Executive Markets Editor of the publishing group. Chris co-authored the book “Investing in Small-Cap Stocks,” which was published in three U.S. editions, an audio book, and two Chinese editions. Chris earned an MBA from Rutgers University. He is a CFA charterholder.
