NANTUCKET TAKES: Price Leadership Intact, E-Comm Economics Continue Improving

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NANTUCKET TAKES: Price Leadership Intact, E-Comm Economics Continue Improving

USA | Discount Retailers

Walmart EquityJuneResearch18, 2026

FLASH NOTENANTUCKET TAKES: Price Leadership Intact, E-

RATING BUYComm Economics Continue Improving

PRICE $121.03^

WMT mgmt reiterated a consistent playbook: reinvest ~$3B tariff refunds

(timing uncertain) into price to widen gaps and drive share, particularly in PRICE TARGET | % TO PT $150.00 | +24%

consumables. Private label and e-comm remain key differentiators, with strong 52W HIGH-LOW $135.16 - $93.62

marketplace growth and improving profitability. Despite volatility, WMT’s price FLOAT (%) | ADV MM (USD) 54.5% | 2,826.04

leadership and mix support continued share gains. Leveraging fulfillment nodes MARKET CAP $969.6B

to quicken delivery and reduce costs remains an additional unlock. TICKER WMT ^Prior trading day's closing price unless otherwise

noted.

MET WITH MGMT. We met with WMT management, including Todd Sears, Walmart U.S. CFO,

and Steph Wissink, SVP and Head of IR, at our Nantucket Consumer Conference, with discussions

centered on pricing strategy, tariff refunds, private-label expansion, and accelerating e-commerce/

fulfillment capabilities. Mgmt’s tone remained confident in its ability to drive share through price

leadership and operational scale, while acknowledging near-term volatility tied to fuel costs,

consumer mix, and tariff timing. Importantly, the strategy remains consistent: invest in lower prices,

particularly in high-frequency consumables.

Tariff Refunds & Pricing Strategy. Mgmt highlighted ~$3B of potential tariff refunds (~50bps of

U.S. sales), though timing remains uncertain and receipts have been limited to date. The intent is

to reinvest proceeds into price to reinforce share gains and widen price gaps.