沃尔玛中国2026财年Q4 净销售额增长19.3%，2025年新增10家山姆会员商店

Core Insights - Walmart reported its Q4 results for fiscal year 2026, achieving total global revenue of $190.7 billion, a year-over-year increase of 5.6% (4.9% growth when excluding currency fluctuations) [1] - The adjusted operating income for Q4 was $8.6 billion, reflecting a 10.5% increase compared to the previous year [1] - For the entire fiscal year 2026, total revenue reached $713.2 billion, up 4.7% (5.1% growth when excluding currency fluctuations), with adjusted operating income of $31.1 billion, a 5.4% increase [1] China Market Performance - In Q4, Walmart China achieved net sales of $6.1 billion, marking a 19.3% year-over-year growth, despite the impact of the delayed Spring Festival peak season [1] - Comparable sales in China still recorded a growth of 10.7% for the quarter [1] - Sam's Club continued to show strong growth, with double-digit increases in transaction volume and the addition of 10 new stores in 2025, including 6 new stores in the current quarter [1] E-commerce Growth - The e-commerce segment maintained a growth rate of 28% in Q4, with e-commerce sales now accounting for over 50% of total sales [1] - Despite the impact of increased e-commerce penetration and changes in business structure on gross margin, the company achieved improvements in operating expense ratios and steady growth in operating profit due to sales growth and ongoing operational efficiency optimization [1]