China’s Wal-Mart Business is Growing
Doug McMillon, president and CEO of Wal-Mart International (NYSE:WMT) says he expects rapid growth in its China business growth in the current healthy market conditions.
Last week, Wal-Mart named Greg Foran as president and CEO of its China unit. Foran is currently senior vice-president for Wal-Mart International and will start his new roles March 1. Wal-Mart launched in China in 1996 and by 2011 had over 370 outlets there.
“China is one of the fastest-growing markets in the world. We want to not only keep pace with the market growth, but we would like to, over time, grow market share. So, his (Foran’s) target will be around growing faster than the market,” McMillon told China Daily.
Wal-Mart has been getting more aggressive lately. Just last week news leaked Wal-Mart’s Sam’s Clubs may be offering Apple stores inside the warehouse.
Here’s how shares of Wal-Mart are reacting to the news:
Wal-Mart Stores Inc. (NYSE:WMT): WMT shares recently traded at $62.10, up $0.31, or 0.5%. They have traded in a 52-week range of $48.31 to $62.63. Volume today was 2,585,726 shares versus a 3-month average volume of 8,720,180 shares. The company’s trailing P/E is 13.14, while trailing earnings are $4.72 per share.
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