山姆狂奔、电商占比过半，沃尔玛中国业绩高增下的“外患”与“内伤”

Core Insights - Walmart China is entering a phase of rapid expansion, with Q3 2026 net sales reaching $6.1 billion, a year-on-year increase of 21.8%, and e-commerce sales growing by 32% [2][3] - The Sam's Club continues to show strong growth, with double-digit increases in transaction volume and the opening of new stores, including the 61st store in China [2][3] - Walmart's private label "沃集鲜" has been upgraded, introducing nearly a thousand new or upgraded products [2] - The appointment of former Alibaba executive Liu Peng as president of Sam's Club indicates Walmart's commitment to enhancing its digital capabilities in China [4] Financial Performance - Walmart China's comparable sales increased by 13.8% in Q3, with e-commerce sales accounting for over 50% of total sales, a rise of over 390 basis points from the previous year [3] - The overall membership income grew by 17%, with international business growth at 34%, primarily driven by Sam's Club in China [4] - Despite a decline in gross margin due to changes in business mix, operating profit increased due to strong sales growth and improved operational efficiency [3][4] Market Position and Challenges - Walmart faces intense competition in the Chinese retail market, with emerging players like Dingdong Maicai and Hema launching their own private label products [10][11] - Recent customer complaints regarding delivery issues and product misrepresentation have raised concerns about Sam's Club's reputation [9][10] - The company is adapting to a rapidly changing retail landscape, emphasizing the need for strong product offerings and digital transformation [11] Leadership Changes - Douglas McMillon, the current president, will step down at the end of January, with John Furner set to take over, bringing a strong background in digital innovation [5] - The leadership transition is seen as crucial for navigating the challenges posed by artificial intelligence and evolving consumer preferences [5][6]