（文/霍东阳 编辑/张广凯） 尽管在中国市场争议不断，沃尔玛集团在2026财年第三季度依然交出了一份强劲的财报。 截至10月31日，沃尔玛集团第三季度实现总营收1,795亿美元，同比增长5.8%（剔除汇率波动影响后，总营收为1,797亿美元，同比增长6.0%）；第三季度调 整后营业利润为72亿美元，同比增长8.0%。 其中，沃尔玛中国在第三季度实现净销售额61亿美元，同比增长21.8%，增幅领跑全球；可比销售额增长13.8%；电商业务净销售额增长32%，电商销售额占 比超50%，成为集团业务增长的核心动力。 在会员业务方面，沃尔玛集团全球会员费收入同比增长16.7%，其中国际市场表现突出，增幅达34%，增长也主要得益于中国山姆会员店会员规模的持续扩 大。 尽管自2024年以来，山姆会员店因食品安全、品控问题及高管更迭引发争议，但其扩张步伐未减：过去12个月山姆在中国增长8家新店（三季度新增1 家），第三季度的交易单量呈双位数增长。与此同时，沃尔玛超市自有品牌"沃集鲜"的焕新升级，也在社交媒体上收获广泛关注。 山姆会员店的狂奔与沃尔玛超市的转型，正在中国市场勾勒出这家零售巨头的一体两面。 山姆狂奔：增长引擎下的 ...

11月20日晚间，沃尔玛公布的2026财年第三季度财报显示，报告期实现总营收1795亿美元，同比增长 5.8%（剔除汇率波动影响后，总营收为1797亿美元，同比增长6.0%）；第三季度调整后营业利润为72 亿美元，同比增长8.0%。 中国市场表现尤为强劲。 来源：智通财经 全球零售巨头沃尔玛再次在三季度交出亮眼业绩表现。 在山姆门店，消费者随处可以见到"扫码线上更多专享"的广告牌，引导会员在线上消费。在这背后，是 电商在中国已经贡献了沃尔玛"半壁江山"的销售额——电商业务占比已经超过50%，其中绝大多数来源 于自营APP。 "我们在中国的电商渗透率已经达到50%，中国的团队配送速度极快，近80%的数字订单在1小时内送 达。"沃尔玛全球总裁及首席执行官董明伦在财报电话会议上强调，"在数字零售方面，中国比我们运营 的任何市场都更为先进。" 中国电商在规模和效率上领先全球已经毋庸置疑，同时在各个维度和赛道上也充满极致的竞争，譬如即 时零售实现爆发式增长，社区零售新生态逐步形成，线上线下的零售格局重塑，这也考验沃尔玛如何扎 根中国本土并凭借差异化优势突围。 高复购率、高客单价、低运营成本，云仓不仅帮助山姆电商实现高盈 ...

Core Viewpoint - Walmart has announced the appointment of John Furner as the new President and CEO, effective February 1, 2026, succeeding Doug McMillon, who has been with the company since starting as an hourly worker [1][3]. Group 1: Leadership Transition - John Furner has over 30 years of experience at Walmart, starting as an hourly worker in Arkansas and holding various leadership roles in sales, operations, and procurement [3]. - Doug McMillon has been CEO since 2014, with Walmart's total revenue increasing from $482.7 billion in fiscal year 2015 to $680.985 billion in fiscal year 2025, reflecting growth rates of 6.7%, 2.4%, 6.7%, 6.0%, and 5.1% over the last five fiscal years [3]. Group 2: Business Performance - Walmart's net total revenue for the first half of fiscal year 2026 increased by 3.7% year-on-year to $343.011 billion, with net profit rising by 19.9% to $11.513 billion [4]. - Walmart China reported a significant net sales increase of 30.1% year-on-year to $5.8 billion in the second quarter of fiscal year 2026 [4]. Group 3: Management Changes - Prior to the CEO appointment, Liu Peng was announced as the President of Sam's Club in China, having previously held several senior positions at Alibaba Group [4].

王爷说财经讯：零售界"地震"来了！2025年11月14日的大消息炸翻财经圈——沃尔玛功勋CEO麦克米伦官宣2026年退休！ 执掌12年，他把沃尔玛的市值直接翻了四倍，股价飙涨400%，比标普500指数的同期涨幅足足翻了一倍！ 这可是全球零售巨头的逆袭神话，为啥偏偏在巅峰时刻交棒？新掌门到底是什么来头？能不能接住沃尔玛的这万亿家业？ 01、麦克米伦：从卸货工到千亿掌舵人！ 可能有人不知道，麦克米伦可不是空降的大佬，他在沃尔玛干了40多年，从底层卸货工、采购员一路做到CEO。 2014年上任时，沃尔玛正面临亚马逊的猛烈冲击，实体零售一片唱衰。 谁也能想到，他一接手就开启了"逆袭剧本"：不仅让沃尔玛连续13年稳坐《财富》美国500强榜首，还把电商业务从"拖后腿"变成"增长引擎"——2020年美 国电商销售额直接暴涨76%，冲到530亿美元。 现在沃尔玛全球有210万员工、1万多家门店，线上商品超200万件，妥妥的零售界"航空母舰"。 更关键的是，这次CEO交接早有安排：接任者是51岁的约翰·弗纳，30年前从沃尔玛计时员工做起，已经管了6年美国市场的4600多家门店，算是根正苗红 的"自己人"。 麦克米伦上任时承诺的 ...

Core Viewpoint - The retail industry in China is witnessing a significant rise in female leadership, with several major companies now led by Chinese women, indicating a shift in management dynamics and strategies in a highly competitive market [6][15][42]. Group 1: Female Leadership in Retail - The article highlights the emergence of female CEOs in major retail companies in China, including Chen Jia at Aldi, Zhu Xiaojing at Walmart China, Zhang Shuyun at Costco, and Yan Xiaolei at Hema [6][15]. - Chen Jia's leadership at Aldi has shifted the company's strategy back to its low-price roots, resulting in increased brand recognition and expansion in Shanghai and Jiangsu [9][11]. - Zhu Xiaojing, the first Chinese CEO of Walmart China, faces challenges as the company adapts to changing consumer preferences and competition from other retailers [12][19]. Group 2: Competitive Strategies - Aldi's new strategy under Chen Jia focuses on offering value products and simplifying pricing structures, which has resonated well with Chinese consumers [9][24]. - Hema, under Yan Xiaolei, aims to achieve a GMV target of 100 billion yuan within three years, reflecting a shift towards efficiency and profitability [14][42]. - The competition between Aldi and Hema is intensifying, particularly in the Jiangsu region, where both companies are rapidly expanding their store presence [29][30]. Group 3: Market Dynamics - The retail landscape is characterized by a shift towards low-cost and efficient operations, with companies like Aldi and Hema adopting similar strategies to attract price-sensitive consumers [30][35]. - The article notes that the current economic climate presents both challenges and opportunities for these female leaders, as they navigate a market with changing consumer expectations [15][24]. - The competition in the Jiangsu region is particularly fierce, with Aldi and Hema both targeting similar demographics and employing comparable operational strategies [30][36]. Group 4: Consumer Behavior and Preferences - The article discusses how consumer preferences have evolved, with a growing demand for value and efficiency in shopping experiences, prompting retailers to adapt their strategies accordingly [19][42]. - The success of Aldi's low-price strategy and Hema's focus on community-based stores reflects a broader trend towards localized and cost-effective retail solutions [30][35]. - The competitive landscape is further complicated by the presence of other major players like Costco, which also aims to capture market share in the same regions [36][46].

Core Insights - The recent appointment of Liu Peng, former president of Tmall International, as the new president of Sam's Club China is perceived as unexpected by industry insiders [2] - This decision may have been finalized during the visit of Walmart's global CEO, Doug McMillon, to China in mid-October [2] Group 1 - The internal reaction to the leadership change at Sam's Club China has been one of surprise, with no prior indications of the shift [2] - Liu Peng's previous role at Tmall International suggests a significant shift in leadership strategy for Sam's Club China [2]

Core Insights - Walmart China has appointed Liu Peng as the new President of Sam's Club, effective immediately, as part of a strategic leadership change aimed at enhancing business operations in China [1][3][21] - The leadership transition is seen as a critical move to accelerate Sam's Club's expansion and adapt to the evolving retail landscape in China [4][21] Leadership Changes - Liu Peng replaces Jane Ewing, who will return to Walmart International after completing her term at the end of the year [3][21] - Jane Ewing will be succeeded by Andrew Miles in January 2025, indicating a structured succession plan within Walmart's leadership [3][21] Expansion Strategy - Sam's Club is currently in a phase of rapid expansion, with plans to open 8 to 10 new stores annually starting in 2025, an increase from the current rate of approximately 6 new stores per year [4][21] - The company is focusing on expanding into second-tier cities and economically strong counties, in addition to maintaining its presence in major metropolitan areas [4][21] Supply Chain and Operational Upgrades - Walmart is enhancing its supply chain and fulfillment systems, with a focus on localizing supply chains and implementing an integrated "store-warehouse-cloud" model [4][21] - A significant project includes the construction of the largest Sam's Club in North China, set to operate in a multi-channel model by 2026 [4][21] Market Position and Challenges - Sam's Club has been recognized as a "star performer" within Walmart's global operations, with expectations for individual stores to achieve annual sales exceeding $500 million by 2025 [4][21] - The company faces challenges related to maintaining its brand identity and product differentiation while navigating the complexities of local market demands and consumer expectations [4][21][20] Liu Peng's Background - Liu Peng brings extensive experience in retail and e-commerce, having held senior positions at Alibaba, where he was instrumental in developing cross-border e-commerce strategies [8][9][12] - His diverse skill set in operations, data analysis, and brand management is expected to be crucial in addressing the challenges faced by Sam's Club in China [8][12][21] Industry Trends - The trend of appointing local retail veterans to lead foreign retail brands in China is becoming more common, reflecting a shift towards localization in management strategies [21][24] - This change is indicative of a broader strategy among foreign retailers to better align with local consumer preferences and market dynamics [21][24]

Core Insights - Walmart China has appointed Liu Peng as the new president of Sam's Club, effective immediately, as part of its strategy to enhance investment and business upgrades in China [1] - Liu Peng brings extensive experience from Alibaba, where he held various leadership roles, and is expected to leverage his understanding of global brand localization and consumer insights to improve Sam's Club offerings [1] - Walmart China reported strong growth, with Sam's Club achieving a 30.1% year-on-year increase in net sales for Q2, significantly outpacing industry averages [2] Group 1 - Liu Peng has joined Walmart China as the president of Sam's Club, reporting directly to the CEO, Zhu Xiaojing [1] - Jane Ewing, the previous acting president, will return to Walmart International at the end of the year [1] - Walmart China views this leadership change as a critical step in its ongoing investment and strategic upgrade in the Chinese market [1] Group 2 - Walmart's total revenue for Q2 was $177.4 billion, reflecting a 4.8% year-on-year growth, with a 5.6% increase when excluding currency fluctuations [2] - Sam's Club is expanding rapidly, with nearly 60 stores in over 30 cities and plans to open about five new stores by the end of the year [2] - Membership numbers for Sam's Club are increasing, with stable growth in renewal rates and activity levels, and e-commerce now accounts for over 50% of sales [2]

Core Insights - Walmart China announced the appointment of Liu Peng as the President of Sam's Club, effective immediately, reporting directly to Walmart China's President and CEO, Zhu Xiaojing [1] - This move is part of Walmart's ongoing strategy to increase investment in China and upgrade its business operations [1] Company Developments - Liu Peng has a strong background in e-commerce, having held various senior positions at Alibaba Group, including General Manager of Tmall International and President of Tmall Import and Export Business [1] - Sam's Club currently operates nearly 60 stores across more than 30 cities in China, with plans to open approximately five new stores by the end of this year [1] Membership and E-commerce Performance - Membership numbers for Sam's Club are on the rise, with both renewal rates and activity levels showing a stable upward trend [1] - E-commerce sales now account for over 50% of Sam's Club's business [1]

Core Insights - Walmart China announced the appointment of Liu Peng as the President of Sam's Club, effective immediately, reporting directly to Walmart China's President and CEO, Zhu Xiaojing [1] - Jane Ewing, the acting President of Sam's Club, will conclude her expatriate assignment and responsibilities by the end of this year, returning to Walmart's international division [1] Summary by Sections - **Leadership Changes** - Liu Peng has joined Walmart China as the President of Sam's Club, bringing extensive experience from Alibaba Group where he held several senior positions [1] - Jane Ewing will end her temporary role and return to her previous position within Walmart's international division [1] - **Background of Liu Peng** - Liu Peng's previous roles at Alibaba include General Manager of Tmall Global, President of Tmall Import and Export Business, and Vice President of Alibaba Group [1]