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Walmart (WMT) Expands Global Tech Hubs, Adds Tech Jobs
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Walmart Inc. (WMT - Free Report) is expanding Walmart Global Tech hubs to Atlanta and Toronto. The retail behemoth is expanding to these locations on growing tech presence, their connection to Walmart and diverse talent in these regions. Global Tech, the fastest-growing corporate team at Walmart, will also hire over 5,000 associates globally during fiscal 2023.
Let’s delve deeper.
Image Source: Zacks Investment Research
More on the News
Walmart Global Tech highlighted that it plans to make Toronto as one of its key Tech hubs. It plans to fill in hundreds of tech jobs in the next 12 months. Management expects to start by hiring 45 full-time associates, mainly software developers, product managers and technical program managers. Apart from this, Walmart Canada plans to invest $1 billion in technology and areas like refurbishing local stores. The company’s initial hiring phase across Atlanta will include 140 full-time associate jobs like data scientists and software engineers. With the inclusion of the two new tech hubs, Walmart Global Tech currently has 17 hubs in Silicon Valley, Northwest Arkansas, Dallas and India among others.
We note that Walmart Global Tech consists of over 20,000 associates worldwide. In fiscal 2022, Walmart Global Tech rose 26% while 20% of its team obtained promotion. During fiscal 2023, management is focused on hiring architects, developers, cybersecurity professionals, software engineers, data scientists and data engineers among others.
Walmart Global Tech is committed to building cutting-edge tech to enhance experiences for customers and members, empower its associates while unlocking potential of its business. The company’s move to enter new locations and expand its workforce will continue to drive its growth.
What Else Should You Know?
Walmart’s e-commerce business and omni-channel penetration have been increasing amid the pandemic-led social distancing. Since fiscal 2021 beginning till fiscal 2022 end, the company’s digital sales — as a percentage of sales — increased from 6% to 13%. The company has been taking several e-commerce initiatives, including buyouts, alliances and improved delivery and payment systems. The company is innovating in the supply chain and adding capacity as well as building businesses such as Walmart GoLocal, Walmart Connect, Walmart Luminate, Walmart+, Spark Delivery, Marketplace and Walmart Fulfillment Services. The U.S. e-commerce sales rose 1% in fourth-quarter 2022 and soared 70% on a two-year stack basis.
Walmart has taken robust strides to strengthen its delivery arm, as evident from its expansion of InHome delivery service; investment in DroneUp; pilot with HomeValet, introduction Carrier Pickup by FedEx, launch of Walmart+ membership program; drone delivery pilots in the United States with Flytrex and Zipline; and a pilot with Cruise to test grocery delivery through self-driven all-electric cars.
Shares of the Zacks Rank #3 (Hold) company have increased 10.2% in the past year compared with the industry’s rise of 12.2%.
Kroger, which operates food and drug stores, multi-department stores, marketplace stores and price impact warehouses, sports a Zacks Rank #1 (Strong Buy). Kroger has a trailing four-quarter earnings surprise of 22.1%, on average. Kroger has expected earnings per share (EPS) growth rate of 9.9% for three to five years. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Kroger’s current financial year sales suggests growth of 2.4% from the year-ago period’s level.
Target, a general merchandise retailer, carries a Zacks Rank #2 (Buy) at present. TGT has a trailing four-quarter earnings surprise of 21.3%, on average. Target has expected EPS growth rate of 16.5% for three to five years.
The Zacks Consensus Estimate for Target’s current financial year sales suggests growth of 3.5% from the year-ago period’s levels.
Tractor Supply, the largest retail farm and ranch store chainin the United States, currently carries a Zacks Rank #2. The company has a trailing four-quarter earnings surprise of 22%, on average.
The Zacks Consensus Estimate for Tractor Supply’s current financial year sales and EPS suggests growth of 8.2% and 9.2%, respectively, from the year-ago period’s levels. TSCO has an expected EPS growth rate of 9.8% for three-five years.
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Walmart (WMT) Expands Global Tech Hubs, Adds Tech Jobs
Walmart Inc. (WMT - Free Report) is expanding Walmart Global Tech hubs to Atlanta and Toronto. The retail behemoth is expanding to these locations on growing tech presence, their connection to Walmart and diverse talent in these regions. Global Tech, the fastest-growing corporate team at Walmart, will also hire over 5,000 associates globally during fiscal 2023.
Let’s delve deeper.
Image Source: Zacks Investment Research
More on the News
Walmart Global Tech highlighted that it plans to make Toronto as one of its key Tech hubs. It plans to fill in hundreds of tech jobs in the next 12 months. Management expects to start by hiring 45 full-time associates, mainly software developers, product managers and technical program managers. Apart from this, Walmart Canada plans to invest $1 billion in technology and areas like refurbishing local stores. The company’s initial hiring phase across Atlanta will include 140 full-time associate jobs like data scientists and software engineers. With the inclusion of the two new tech hubs, Walmart Global Tech currently has 17 hubs in Silicon Valley, Northwest Arkansas, Dallas and India among others.
We note that Walmart Global Tech consists of over 20,000 associates worldwide. In fiscal 2022, Walmart Global Tech rose 26% while 20% of its team obtained promotion. During fiscal 2023, management is focused on hiring architects, developers, cybersecurity professionals, software engineers, data scientists and data engineers among others.
Walmart Global Tech is committed to building cutting-edge tech to enhance experiences for customers and members, empower its associates while unlocking potential of its business. The company’s move to enter new locations and expand its workforce will continue to drive its growth.
What Else Should You Know?
Walmart’s e-commerce business and omni-channel penetration have been increasing amid the pandemic-led social distancing. Since fiscal 2021 beginning till fiscal 2022 end, the company’s digital sales — as a percentage of sales — increased from 6% to 13%. The company has been taking several e-commerce initiatives, including buyouts, alliances and improved delivery and payment systems. The company is innovating in the supply chain and adding capacity as well as building businesses such as Walmart GoLocal, Walmart Connect, Walmart Luminate, Walmart+, Spark Delivery, Marketplace and Walmart Fulfillment Services. The U.S. e-commerce sales rose 1% in fourth-quarter 2022 and soared 70% on a two-year stack basis.
Walmart has taken robust strides to strengthen its delivery arm, as evident from its expansion of InHome delivery service; investment in DroneUp; pilot with HomeValet, introduction Carrier Pickup by FedEx, launch of Walmart+ membership program; drone delivery pilots in the United States with Flytrex and Zipline; and a pilot with Cruise to test grocery delivery through self-driven all-electric cars.
Shares of the Zacks Rank #3 (Hold) company have increased 10.2% in the past year compared with the industry’s rise of 12.2%.
3 Retail Stocks to Bet on
Here are some better-ranked stocks — The Kroger Co. (KR - Free Report) , Target Corporation (TGT - Free Report) and Tractor Supply Co. (TSCO - Free Report) .
Kroger, which operates food and drug stores, multi-department stores, marketplace stores and price impact warehouses, sports a Zacks Rank #1 (Strong Buy). Kroger has a trailing four-quarter earnings surprise of 22.1%, on average. Kroger has expected earnings per share (EPS) growth rate of 9.9% for three to five years. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Kroger’s current financial year sales suggests growth of 2.4% from the year-ago period’s level.
Target, a general merchandise retailer, carries a Zacks Rank #2 (Buy) at present. TGT has a trailing four-quarter earnings surprise of 21.3%, on average. Target has expected EPS growth rate of 16.5% for three to five years.
The Zacks Consensus Estimate for Target’s current financial year sales suggests growth of 3.5% from the year-ago period’s levels.
Tractor Supply, the largest retail farm and ranch store chainin the United States, currently carries a Zacks Rank #2. The company has a trailing four-quarter earnings surprise of 22%, on average.
The Zacks Consensus Estimate for Tractor Supply’s current financial year sales and EPS suggests growth of 8.2% and 9.2%, respectively, from the year-ago period’s levels. TSCO has an expected EPS growth rate of 9.8% for three-five years.