Walmart CEO congratulates President-elect Biden, urging elected officials to pass another stimulus package
WalmartCEO Doug McMillon congratulated President-elect Joe Bidenon his win over President Trump on a call with investors on Tuesday.
- "We look forward to working with the administration and both houses of Congress to move the country forward," McMillon said.
- McMillon also urged elected officials to pass another
stimuluspackage amid the pandemic.
Walmart CEO Doug McMillon took an opportunity to congratulate President-elect Joe Biden on Tuesday.
"I want to wrap up by saying congratulations to President-elect Biden," McMillon said on a call with investors. "We look forward to working with the administration and both houses of Congress to move the country forward and solve issues on behalf of our associates, customers, and other stakeholders."
While President Donald Trump has not yet conceded the election, numerous CEOs have congratulated on Biden on his win, which was projected by Decision Desk HQ on Friday, November 6. The same Friday, CEOs of more than 24 Fortune 500 companies met virtually to discuss what they would do if Trump refused to concede, the Associated Press reports.
McMillon also called for another stimulus package, saying it was "imperative" that elected officials work together to provide aid. The Walmart CEO specifically highlighted the plight of small businesses, which he said would struggle to survive the pandemic without further stimulus.
Walmart's CEO has taken a stand on stimulus
In recent months, McMillon has urged Congress to pass another stimulus package multiple times. While the executive has highlighted small businesses' struggles, the lack of further stimulus has hurt companies of all sizes — including Walmart.
Walmart reported on Tuesday that revenue reached $134.7 billion in the third quarter, beating analysts' expectations of $132.2 billion. US comparable sales increased 6.4% in the quarter, slightly softening from its 9.5% growth in the second quarter.
Managing director of GlobalData, Neil Saunders, said in a note on Tuesday that the end of expanded unemployment benefits — which would likely be part of a new stimulus package — contributed to the slight downtick.
"The ending of enhanced benefits which had a very negative impact on the 12.6 million Americans who are unemployed, particularly those on lower incomes who lack a buffer of savings," Saunders wrote. "Walmart is more exposed to this group than many other retailers and, as a result, saw some deterioration in spending levels."
After months of negotiations, Congress has failed to pass a second coronavirus relief bill. Last week, Goldman Sachs said in a report that it expects the government to pass $1 trillion in fiscal stimulus, either before or soon after Biden's inauguration in January.
"Democrats are assailing Republicans for insisting on a slimmer $500 billion relief plan," reports Business Insider's Joseph Zeballos-Roig. "Instead, they are pressing for at least $2 trillion in additional spending. President Donald Trump has tuned out of the negotiations so far while he attempts to fight the election results."
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