#2 Serve our customers. Our supply chain has been stretched but, together with our suppliers, we’ve kept the supply lines open so people can get what they want and need and at a great value. We still have some challenging product categories, and we’ll be creative and persistent until those issues are resolved. We’ve seen the focus of our customers, in-store and online, shift from stocking up and health and wellness, to entertaining and educating, to home improvement, to preparing to go back to work. Our purpose of saving people money and helping them live a better life has been even more tangible and meaningful to us during this period. To our customers, we’re grateful for your support and encouragement, and it is highly motivating to serve you.

#3 Help others. Because we’ve been open and busy, we are one of the companies in a position to help others during this crisis. We’ve hired more than 150,000 additional people; most will be temporary to help get the work done and support their families. They’ve pitched in as some of our associates have taken leave, and they’ve helped to handle the higher demand in eCommerce and stores. We thank them all. For those of you who return to your previous jobs, we’re thankful. For those of you who stay, welcome. Communities: Every day, I hear directly from customers the deep appreciation they feel for the work our local heroes are doing to keep their communities going. People trust and know Walmart as a source of affordable products that help people live better as well as being a major employer. We also understand the important role we play in the fabric of communities. To help meet the critical needs resulting from the pandemic, Walmart and the Walmart Foundation have committed $25 million to support organizations on the frontlines responding to the outbreak. Included in that commitment is $10 million being directed to support food banks, school meal programs and organizations that provide access to food for underserved populations. Suppliers: Our relationship with suppliers has never been more important as we try to meet the incredible demand for certain products right now. We appreciate the way our suppliers are rising to the occasion and working with us to meet the needs of our customers and associates. In some instances, we’re able to help them with greater flexibility on delivery windows, we’ve waived rent for the month of April for all in-store partners and worked to simplify the process to qualify for our Supply Chain Finance Program. Government: Last month, the federal government asked us to help stand up testing sites for COVID-19 in some of our parking lots. Within 12 hours of the request, we had a mockup in a warehouse near our corporate office so we could begin to understand the operational and safety considerations. Within eight days, we saw our first patient at a site outside Chicago. Here’s what I’m most proud of – within 48 hours, more than 700 Walmart pharmacists and other clinically-trained health-and-wellness associates volunteered to serve at one of these testing centers. As I write this letter, we’ve opened 14 sites, and we expect to open a total of 42 by the beginning of May. Also, as you may have heard, the White House asked Walmart to help frontline healthcare workers in need of personal protective equipment. So our team quickly tapped into our global supply chain to find manufacturers, and by the end of April, one million medical gowns will have been added to our country’s supply. In addition, we partnered with Salesforce and State Farm to provide N95 masks and shoe coverings to healthcare workers in Michigan and Louisiana.

#4 Manage our business well. As we go through this crisis, we aren’t taking our eye off the ball as it relates to our financial strength, including areas like inventory management. We’re making important short-term decisions that protect us now and set us up for the future. Shareholders: All the things we’re doing make me so proud to be part of this company. We’re in a strong financial position with substantial cash flows and a diversified asset base. We have the resources to grow the business and to make key investments in areas such as technology and eCommerce, even during times of uncertainty. As always, we remain committed to our shareholders. We’ve increased our dividend for 47 consecutive years, and we have a long history of share repurchases. We also know that shareholders benefit over the long-term when we invest in opportunities for associates. Better training and tools help us improve customer service, and that benefits all of us. Underlying our financial strength is the productivity loop. It’s part of the fabric of who we are as a company, and it’s a powerful force.

We’re able to keep this wheel turning with a consistent financial framework. We’ll continue to prioritize comp sales and omnichannel growth globally. Our ability to operate with lower costs provides competitive advantages. Aside from the measures we’ve taken during the current health crisis, the progress we’re making to reduce expenses across the business is real, and it’s sustainable. Our strong cash flow means we can deploy a lot of capital to stay ahead of where the customer is going, especially as so many of them are shopping Walmart in new ways.

#5 Move our strategy forward. In a time of upheaval in everyday life, our ability to serve customers in unique ways has been a game-changer for so many. The work we’ve been doing over the last several years has positioned us to serve customers even more effectively through an omnichannel approach with services such as pickup and delivery. We’re leaning into innovation in retail by building a seamless shopping experience from end-to-end. The actions we take as a company are designed to benefit a wide range of stakeholders. It’s a shared-value approach. Planet: While we continue to address the global health crisis of COVID-19, we remain committed to the important leadership role we’re playing in addressing another global crisis – climate change. CDP named Walmart to its prestigious "A" list for ambitious environmental action. We estimate renewable energy sources now provide nearly 30 percent of our current electricity needs, and we have contracted to stand up 1.2 GW of new renewable energy capacity in the last year alone. In line with the Paris Agreement, we’re on track to achieve our Science-Based Targets for emissions reduction. We have enrolled more than 2,300 suppliers in Project Gigaton to avoid one billion metric tons of emissions from our supply chain – one of the largest private-sector collective action efforts in the world. We’re making good progress - suppliers participating in Gigaton report having avoided more than 230 million metric tons of greenhouse gas emissions. We’re diverting an estimated 80 percent of our operational waste from landfills and incineration, and we’re working with private brand suppliers toward packaging that is 100 percent recyclable, reusable and compostable.

I’ll conclude by saying that our company is strong, and it’s growing. We had revenues of $524 billion last year, including strong comp sales in the U.S. through stores and eCommerce. We continue to be excited about our strength internationally. We offer grocery pickup, delivery, or both in nearly a dozen countries. We’re playing offense. The flywheel we’re creating is based on a set of mutually reinforcing assets that fit together to serve customers more holistically. The combination of our physical and digital assets is unique, and it positions us well as we look for ways we can leverage those assets to help solve problems for customers.

Ultimately, the strength, resilience and momentum we see are because of our people. They’re working on big challenges every day and adapting to and changing how the world lives. We’re a fast-moving team, willing to step out of our comfort zone to try new things and iterate. We’ll continue to be there for people in times of crisis, and we’ll continue to innovate and move forward.

Thank you for your interest in our company.

Doug McMillon
President and Chief Executive Officer
Walmart Inc.