Walmart CEO: Sam's Club China business growing 'very rapidly'
Walmart CEO Doug McMillan said the escalating trade war between the U.S. and China is not impacting business.
“We haven't seen a difference,” he told FOX Business during an exclusive interview with Maria Bartiromo. “We've been in China for a very long time, since 1996 when we opened our first supercenter there.”
Walmart has a total of 433 retail units in China. It also operates 23 membership-only retail warehouse Sam’s Club stores in China, including stories Beijing and Shanghai. The retail giant recently announced that plans to open an additional 40 Sam’s Club stores in the country by 2020. According to McMillan, the Sam’s Club business in China is “growing very rapidly.”
“They're very popular -- sales on a comp club basis are strong,” he said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 90.44 | +2.04 | +2.31% |
McMillan also said that he’s excited about a number of different businesses operating in China, including a relationship with its No. 2 online retailer JD.com.