Business
Walmart shares are up 312% during outgoing CEO Doug McMillon’s tenure. Here’s how that compares to its rivals
Walmart logo is seen near the store in Austin, United States on Oct. 23, 2025.
Jakub Porzycki | Nurphoto | Getty Images
When incoming Walmart CEO John Furner steps into the retailer’s top role, he will try to follow up a period of dramatic share growth that many of Walmart’s rivals have failed to match.
Walmart’s stock has more than quadrupled since outgoing CEO Doug McMillon began in the role in February 2014. Across nine of the 12 calendar years when McMillon has been Walmart’s leader, the company posted positive stock returns.
Among Walmart’s main rivals in the retail and grocery business, only Amazon and Costco have had better stock returns since McMillon took the job. Meanwhile, Walmart’s stock has outperformed those of competitors like Target, Dollar General, Dollar Tree, Kroger and Albertsons.
McMillon will officially step down at the end of January, but will stay on as executive chairman and advisor. While Furner will face a challenge in replicating the company’s performance under his predecessor, he has been a key catalyst for the company’s success as CEO of its largest sector, Walmart’s U.S. business.
Along with huge gains on Wall Street, McMillon oversaw a significant period of growth for the nation’s largest grocer, which included sharp sales increases, wage hikes for hourly workers and transformation of the nation’s low-price leader into a major e-commerce player. He also steered the retailer through the tumult of a global pandemic, historic levels of inflation and higher tariffs.
Sales during McMillon’s first three years in the role were roughly flat — with revenues of $486 billion, $482 billion and $485 billion in the fiscal years ending January 2015, 2016 and 2017, respectively.
Yet those years were followed by steady growth, and those gains have accelerated since 2021, after the Covid pandemic pushed more people to shop online and inflation nudged even wealthier shoppers to seek value. Walmart posted annual revenue of about $681 billion in the fiscal year ended earlier this year, an approximately 40% jump from the company’s annual revenue the first year of McMillon’s tenure.
This year, Walmart is on track to post annual revenues of over $700 billion for the first time ever. Ironically, however, it is also expected to lose its crown as the largest retailer by annual revenue to its biggest e-commerce rival, Amazon.
Earlier this year, Amazon leapfrogged Walmart in quarterly sales for the first time. Compared to Walmart, it has a different mix to its business because of its massive cloud computing, advertising and seller services businesses.
How Walmart’s stock compares to its rivals
Stock gains by Amazon have outpaced Walmart’s during the years of McMillon’s tenure, with 1,225% share gains by the tech giant compared to a 312% increase by Walmart.
However, Walmart’s performance on Wall Street has far surpassed big-box retail competitor Target‘s across McMillon’s time as CEO. Shares of Target are up about 60% since February 2014, compared to Walmart’s 312% gains.
During the years of the Covid pandemic, Target’s steep share gains surpassed those of Walmart. Yet the Minneapolis-based cheap chic retailer’s annual sales have been roughly stagnant for about four years and dragged down its stock performance.
Like Walmart, Target is preparing for a leadership change in February. Last month, Target said Michael Fiddelke, its chief operating officer and former CFO, would succeed longtime CEO Brian Cornell.
Costco also stands out as a competitor that has posted steeper share gains than Walmart. Shares of the warehouse club retailer, which competes with both Walmart stores and those of its warehouse chain, Sam’s Club, have shot up by more than 700% during the years of McMillon’s tenure.
Walmart’s supermarket competitors — Kroger and Albertsons, in particular — have lagged behind that. Shares of Kroger, which includes about two dozen grocery chains including Fred Meyer and Ralphs, climbed 265% during McMillon’s tenure. Shares of Albertsons, which includes Safeway, Tom Thumb and other grocery chains, rose by only 16%.
Albertsons went public in 2020, which gave it less time for stock gains. For about two of those years, from roughly 2022 to 2024, Kroger and Albertsons also sought to merge their two companies into a larger grocer that could better compete with Walmart, Costco, Amazon and others. The deal was ultimately blocked by a U.S. judge, after the Federal Trade Commission sued to stop the merger.
Dollar stores also fell short of Walmart’s stock performance while McMillon was CEO. Dollar Tree and Dollar General, who compete with Walmart in offering groceries and other items at low prices, posted 104% and 85% share gains, respectively, compared to Walmart’s 312% increase.
Notably, both dollar store banners’ stocks outperformed Walmart’s during some of those years, yet have been struggling more recently.
Walmart’s stock was about flat Friday following the retirement announcement, and shares have climbed about 13% this year.
— CNBC’s Tom Rotunno contributed to this report.
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Waitrose is set to remove mackerel from its shelves amid escalating concerns over unsustainable fishing practices.
The retailer said that it is the first major UK supermarket to suspend sourcing of the popular fish.
It said that fresh, chilled, and frozen mackerel, primarily sourced from Scottish waters, will be unavailable to shoppers by 29 April. Tinned varieties will follow once the current stock is depleted.
Conservationists are welcoming the move and urging other supermarkets to follow suit.
The measure comes as governments have repeatedly failed to implement catch limits recommended by scientists, jeopardising the long-term viability of mackerel stocks.
The International Council for Exploration of the Sea (ICES) has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels.
With the stock consistently fished above sustainable thresholds, this translates to a 77 per cent cut on the 755,143 tonnes scientists estimated would be caught in 2025.
Overfishing has resulted in depleting mackerel stocks in the north-east Atlantic, with Ices saying the species, and the wider fishing industry, could face long-term risks unless countries stick to recommended catch limits.
Waitrose said the decision in December by four of the coastal states which fish mackerel to cut catches by 48 per cent was a step forward, but did not meet Ices advice.
North-east Atlantic mackerel will no longer meet the supermarket’s responsible sourcing requirements in line with the Sustainable Seafood Coalition codes of conduct, the retailer said.
Jake Pickering, head of agriculture, aquaculture and fisheries at Waitrose, said: “By suspending sourcing of mackerel at Waitrose we are reinforcing our ethical and sustainable business commitments, acting to tackle overfishing and protect the long-term health of our oceans and this crucial fish.
“Our customers trust us to source responsibly, and we are closely monitoring the fishery.
“We look forward to bringing mackerel back to our shelves once it meets our high sourcing standards.”
As alternatives, Waitrose is launching a new range of fish products including hot smoked herring, hot smoked peppered herring and hot smoked sweetcure seabass, all of which are Marine Stewardship Council (MSC) certified.
The retailer said it would also introduce MSC-certified frozen sardines from May as a sustainable replacement for frozen mackerel, and plans to become the first retailer to sell 100 per cent MSC tinned sardines.
Waitrose said it would maintain its relationship with its mackerel suppliers and its new supply of herring, seabass, sardines and trout will be sourced through current supplier partnerships.
But there is currently no predetermined time-frame as to when Waitrose will start sourcing mackerel again.
Marija Rompani, director of ethics and sustainability at the John Lewis Partnership, said: “We believe sustainable food production must balance climate action, nature protection and responsible fish sourcing is fundamental to protecting our oceans.
“We will continue to work closely with suppliers and industry partners to support the recovery and responsible management of fish stocks.”
Charles Clover, co-founder of conservation charity Blue Marine Foundation, said mackerel – one of the largest remaining commercial fish stocks in the north-east Atlantic – had declined 75 per cent in the last 10 years because fishing nations, including the UK, had overfished it.
“They have put too little effort into the task of reaching agreement on a sharing arrangement – and some countries have been awarding themselves more quota than is justified by science,” he said.
“This crisis has been ignored for too long.
“We hope that this action by Waitrose sends it to the top of the political agenda. We call on other retailers to follow Waitrose’s example.”
The arrival of a salary credit message at the beginning of the month often brings a sense of relief and optimism, with many planning to save money or make long-delayed purchases. However, for a large number of salaried individuals, that confidence fades quickly as expenses begin to pile up. Rent, electricity bills, EMIs, online purchases, dining out and everyday spending gradually reduce bank balances, leaving many struggling by the third week of the month. (News18 Hindi)
Financial experts say that recurring cash shortages are often not caused by insufficient income but by poor money habits. Small and unnoticed mistakes in managing personal finances can gradually weaken long-term financial stability. The good news, experts note, is that these habits can be corrected with simple changes and better planning. (News18 Hindi)
1. One of the most common mistakes is the absence of a proper budget. Many people begin spending as soon as their salary is credited without deciding in advance how the money will be used. Without a clear spending plan, expenses tend to rise uncontrollably. Experts recommend allocating money for essential needs such as rent, groceries, utility bills and savings immediately after receiving a salary. Preparing a simple budget by listing fixed monthly expenses in a notebook or mobile app can help maintain financial discipline. (News18 Hindi)
2. Frequent small online purchases also contribute significantly to unnecessary spending. With doorstep deliveries and frequent discounts, cashback offers and flash sales, consumers often buy items that are not essential. While individual purchases may seem minor, repeated spending of a few hundred or thousand rupees can add up to a substantial amount by the end of the month. Financial planners advise clearly distinguishing between needs and wants before making purchases. (News18 Hindi)
3. Another major mistake is the absence of an emergency fund. Unexpected expenses such as medical bills, urgent travel or home repairs can disrupt monthly budgets. Without savings set aside for emergencies, many individuals rely on credit cards or loans, which can lead to debt and reduce the following month’s disposable income. Experts suggest building an emergency fund gradually, ideally covering at least three months of essential expenses. (News18 Hindi)
4. Saving only what remains at the end of the month is another common but ineffective approach. In most cases, little or no money is left after regular spending. Financial advisers recommend setting aside savings as soon as the salary is credited, a strategy often referred to as the “pay yourself first” principle. This method helps create a consistent saving habit. (News18 Hindi)
5. Spending to maintain a certain lifestyle is also a growing concern, particularly in the age of social media. The desire to match others’ lifestyles often leads to purchases such as expensive gadgets, branded clothing or frequent dining out, even when these expenses exceed one’s income. Experts warn that such spending patterns can increase financial stress and recommend aligning lifestyle choices with income and financial priorities. (News18 Hindi)
To improve financial discipline, experts advise reviewing expenses from the previous three months to understand spending patterns. Based on this assessment, individuals can create a simple plan that divides income into spending, saving and investing. Automated savings options such as Systematic Investment Plans (SIPs) or recurring deposits can help ensure consistent saving. Even small financial changes, experts say, can lead to significant long-term benefits. (News18 Hindi)
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