Walmart Inc. (NYSE:WMT) Bank of America London Investor Conference June 25, 2024 6:00 AM ET
Company Participants
John David Rainey - EVP & CFO
Conference Call Participants
Robert Ohmes - Bank of America
Robert Ohmes
I'm Robby Ohmes of BofA Global Research. We are just really pleased to have Walmart here with us today, including John David Rainey, the CFO of Walmart; as well as Steph Wissink, from Investor Relations; and also Kary Brunner from Investor Relations. Walmart, as I think everybody here knows, has executed incredibly well over the last, call it, four to five years, transforming itself into an omnichannel leader on a global basis.
So I'm going to maybe start going to John David and saying everybody always wants to know, how are consumers feeling generally out there? Any changes in behavior and how should we think about things like trade-down and all those things that everybody cares about?
John David Rainey
Sure. Happy to address that, Robby. And thanks all of you for joining us, and thanks for hosting this, Robby. It's a pleasure to have the opportunity to speak about Walmart today. And no surprise, consumer or health of the consumer is the first question. We keep wanting to be able to say something different, but it's just been very consistent. And we've talked about this for several quarters now. The consumer is being choiceful. There -- we see a shift from general merchandise to food as wallets have become more stretched. The price levels, obviously, had some impact of that. But just focusing on year-over-year price changes, general merchandise is still deflationary, a couple of percentage points deflationary. Consumables, call it, roughly flat, and food is up modestly.
In the last quarter, the overall basket that we sold was up 40 basis points. I think it's
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