在刚刚过去的 11月份月末，沃尔玛（纽约证券交易所代码：WMT）公布了2026财年第三季度（截至2025年10月31日）业绩。在电话会上，即将 离任的沃尔玛CEO董明伦盛赞中国电商及山姆业务。 同时，沃尔玛总部换帅，中国山姆换帅，沃尔玛将从纽交所转至纳斯达克，三大事件都将带给这个连续 12年蝉联世界500强榜首的全球零售巨头怎 样的新变化？ 以下文章来源于零售圈 ，作者商仲永 零售圈 . 让大部分零售老板看见未来零售 导语：全球零售巨头换帅后，业绩猛冲？ 截止 2025年10月31日，沃尔玛中国的前三季度的净销售额分别为67亿美元，58亿美元、61亿美元，合计为186亿美元（约合超1300多亿人民 币），而202 5财年全年四个季度的净销售额分别 为57亿美元，46亿美元，49亿美元，51亿美元，合计203亿美元。今年业绩已达到去年的 91.6%，而时间过去75%，今年业绩有望大幅提升。 在 当晚的 业绩会上，沃尔玛中国电商和山姆的亮眼 业绩，被沃尔玛 CEO董明伦和高管 多次点赞。 "第三季度，我们在中国的销售额增长了22％，这反映了山姆在华持续强劲表现以及电商超过30％的增长。"沃尔玛首席财务官John ...

Core Insights - Walmart reported its Q3 FY26 earnings, showing a revenue of $179.5 billion, a year-over-year increase of 5.84%, with adjusted operating income rising by 8% to $7.2 billion, indicating a steady growth trend [4][5] - The company highlighted strong performance in its China operations, particularly in e-commerce and Sam's Club, with Q3 net sales in China reaching $6.1 billion, a 21.8% increase year-over-year [4][5] - Leadership changes are underway, with John Furner set to replace Doug McMillon as CEO in February 2026, and a strategic shift from the NYSE to Nasdaq, emphasizing a technology-driven approach [8][9] Group 1: Financial Performance - Walmart's Q3 FY26 revenue was $179.5 billion, reflecting a 5.84% increase year-over-year, and a 6% increase when excluding currency fluctuations [4] - In China, Walmart's Q3 net sales reached $6.1 billion, a 21.8% increase, significantly outperforming the international business segment's average growth of 10.84% [4][5] - E-commerce sales in China grew by 32%, with e-commerce accounting for over 50% of total sales, marking a substantial increase from the previous year [4][5] Group 2: Leadership Changes - John Furner will succeed Doug McMillon as CEO effective February 1, 2026, bringing extensive experience from his previous role as President and CEO of Walmart U.S. [8] - The transition to Nasdaq is noted as one of the largest listing migrations in NYSE history, aligning with Walmart's technology-focused strategy [9] Group 3: Strategic Focus - The appointment of Liu Peng as the new president of Sam's Club in China aligns with Walmart's AI and e-commerce strategies, reflecting a focus on innovation in retail [10][12] - Liu Peng's background in Alibaba and extensive experience in retail and e-commerce positions him well to lead Sam's Club amid rapid expansion plans [14][15]