Walmart CEO Doug McMillon called on Congress to come up with a deal and to pass a stimulus package to help American families and all small businesses, especially since the holidays are almost here.
Walmart predicts shopping behavior for this year
In an interview with CNBC's "Squawk Box," McMillon said both Republicans Democrats must keep in mind that there are Americans that need them and don't care about politics. He added that all Americans need is help.
McMillon said that Republican and Democrat lawmakers, especially House Speaker Nancy Pelosi and Secretary of Treasury Steve Mnuchin, should come up with an agreement soon, even if they need to make some changes and improve upon it over time. This is so much better than basically doing nothing.
During the height of the COVID-19 pandemic, Walmart has hired more than 500,000 workers to try to keep up with the demands of the country for groceries, household essentials and equipment, all while adjusting to a sudden increase in e-commerce sales.
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The sales of Walmart for the second-quarter crushed the estimates of Wall Street and its online sales double from the start of the second quarter up until July 31. At the time, Brett Biggs, the chief financial officer of Walmart, credited government stimulus as one of the factors that helped increase the earnings of the company.
In an interview with CNBC in August, Biggs did not provide a financial outlook for the company. He cited stimulus as a factor and said that Walmart was watching what was going on in the White House and how they are going to progress with a new stimulus package.
in the recent months, McMillon said that Walmart, which has stores all across the country, has seen families cope with their financial circumstances.
McMillon said that not everyone is in the same camp, as there are those that are still at home, spending money on their home and doing things to redecorate. However, there are those that are struggling paycheck to paycheck and so many people remains unemployed that they are seeing that pressure too.
Holiday cheer
The uncertainty over the next batch of stimulus has retailers worried, as they prepare for the holiday shopping season during recession and a pandemic, according to Business Insider.
Walmart is one of the retailers that are reimagining their approach to holiday sales and traditions, like Black Friday, as more people are now shopping online and the crowds that visit the stores every year is now deemed unsafe at a time when the public are instructed to social distance.
Walmart is also set to divide its Black Friday deals into three separate events in November 2020. It will being on its websites and it will continue in stores. The stores will have safety measures, such as opening at 5 a.m. instead of having the midnight rush of shoppers and limiting the number of people inside.
McMillon said that Walmart is still having issues finding inventory in some merchandise categories, particularly under decor and crafting. He said that they are looking for ways to make sure that all of their branches have stocks of items that the people may need this coming holiday season.
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