沃尔玛中国三季度销售额猛冲61亿美元，山姆和电商增长强劲

Core Insights - Walmart reported strong performance in Q3 of FY2026, achieving total revenue of $179.5 billion, a year-on-year increase of 5.8% [2] - The Chinese market showed particularly robust growth, with net sales reaching $6.1 billion, up 21.8% year-on-year [2] - Sam's Club continued its momentum with double-digit growth in transaction volume and the addition of 8 new stores in the past 12 months [2] Financial Performance - Total revenue for Q3 was $179.5 billion, with a 5.8% increase year-on-year, and adjusted operating income was $7.2 billion, up 8.0% [2] - In China, comparable sales grew by 13.8%, and e-commerce sales increased by 32%, accounting for over 50% of total sales [2] Market Expansion - Sam's Club opened its fifth store in Beijing, marking the 61st store in China, with significant customer interest evident from long queues [3][6] - The pace of new store openings for Sam's Club in China has accelerated, with 10 new stores expected in 2025, the highest number in history [4] E-commerce Strategy - Walmart's e-commerce penetration in China has reached 50%, with 80% of digital orders delivered within one hour [4] - The company is leveraging its app to enhance customer engagement and drive membership retention [5] Brand and Product Development - Walmart is focusing on high-quality fresh produce and a diverse range of products to meet the needs of middle-class families and singles [7] - The company's private label "沃集鲜" has been revamped, introducing nearly a thousand new or upgraded products, emphasizing quality and unique offerings [9][11] Competitive Landscape - The retail environment in China is rapidly evolving, with new business models and consumer demands reshaping the market [7] - Walmart is adapting by opening smaller community stores and enhancing its supply chain to better serve local consumers [7] Consumer Engagement - High repurchase rates and customer loyalty are being driven by Walmart's cloud warehouse model, which supports its e-commerce profitability [5] - The company is committed to maintaining low prices across its product range, leveraging direct sourcing and efficiency improvements [13]