Retail giant Walmart has revealed it is doing its bit to support American manufacturing by declaring that two-thirds of its annual product spend this year is going on goods made, grown or assembled in the U.S. Walmart revealed the figure while hosting its 13th annual Open Call event where nearly 150 entrepreneurs from 35 states and Puerto Rico pitched their products directly to its and Sam’s Club merchants. The Walmart share price, hit by consumer uncertainty, is up just 7% in the year-to-date.
During the event Walmart handed out 54 so-called Golden Tickets in categories ranging from home, sporting goods, pets, food, beverage, baby and personal care. These goods will now go on sale to customers either in-store or online.
“Open Call brings together two things that are important to Walmart: supporting American manufacturing and discovering innovative products our customers will love,” said David Guggina, president and CEO, Walmart U.S.
The company has a $350 billion commitment to boost U.S. manufacturing.
Wall Street has a Strong Buy consensus on the stock and an average price target of $129. This implies an 8.81% upside.
Read the article.