Walmart CEO Doug McMillon congratulated President-elect Joe Biden, despite an unofficial call of the 2020 election to date.
“We look forward to working with the administration in both houses of Congress to move the country forward and solve issues on behalf of our associates, customers and other stakeholders,” said McMillon after the retailer reported its quarterly results.
Walmart declined to elaborate to FOX Business on what specific issues need solving only to note the company has a history of working well with both parties and many administrations.
However, McMillon did hint that more federal stimulus is needed.
“As various governments around the country tighten up to help keep people healthy, it will be imperative that elected officials in Washington work together to deliver the help so many small businesses need to get through this next phase of the pandemic” he added on the company’s earnings call.
Walmart, which is the nation’s largest retailer and largest employer, has benefited as more customers used the $1,200 stimulus checks to shop. As for third-quarter profits, a jump of 56% compared to the same period a year ago was reported as pandemic buying fueled a 5.2% rise in revenue to $134.7 billion. Looking ahead, executives are expecting a “good holiday season.”
Shares are hovering near record levels with a gain of 26% this year.
McMillon, who also doubles as the current Chair of the Business Roundtable, a consortium of multinational corporations that oversee see 15 million employees and $7 trillion in revenue, have advocated for “further federal policy responses and funding. Failure to act quickly and boldly will prolong the crisis and impose high long-term costs on the economy,” according to a July letter to House Speaker Nancy Pelosi.
Pelosi, along with Treasury Secretary Steven Mnuchin and Minority Leader Sen. Chuck Schumer, D-NY, are at odds over the size of another round of stimulus.
This week Biden met with several CEOs and labor leaders including Target CEO Brian Cornell who focused on the role retail plays for Americans and urged elected officials for clear guidance on the future rollout of a COVID-19 vaccine, according to a statement provided to FOX Business.
Target will report its quarterly results Wednesday ahead of the stock market open.
