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Walmart CEO Doug McMillon: Jet.com acquisition was worthwhile

Walmart CEO Doug McMillon tells CNBC's "Squawk Box" that the company does not regret its acquisition of Jet.com despite Walmart's decision to shut down the site. Walmart paid $3.3 billion for Jet.com nearly four years ago. Now, it’s shutting the site down. But Chief Executive Doug McMillon said, given the chance, he would do that deal a second time. “Absolutely ... would do that all over again,” McMillon told CNBC’s Becky Quick in an exclusive interview Wednesday morning. “If you look at the trajectory of our business, it changed when we made that acquisition.” “Not only did we pick up Marc Lore ... we picked up fulfillment centers — a lot of expertise that ended up paying off,” he said. As a result of the deal, McMillon went on, the Walmart brand is now reaching younger and more affluent customers, and also has been able to bring new brands, such as water bottle maker S’well, to Walmart.com. “That was the other role that I thought Jet was going to play,” the CEO said. Brands are more “comfortable,” selling on Walmart now, he said. Critics have contended, however, that Jet.com was only a money-losing venture for Walmart. Trying to play catch up with Amazon, adding faster shipping options and more third-party sellers, has resulted in a string of investments and expenses that have been a drag on the profitability of Walmart’s bricks-and-mortar shops. On Tuesday, Walmart reported quarterly earnings, revealing that its e-commerce sales in the U.S. shot up by 74%, and same-store sales grew by 10% in the fiscal first quarter. But there is also a price to pay, being the biggest private employer in the U.S. operating during a pandemic. The company said it spent nearly $900 million on expenses related to the Covid-19 crisis, with about three-fourths of that devoted to employee bonuses and expanded benefits. McMillon said Wednesday that Walmart has seen notable spikes in discretionary categories like adult bikes and craft supplies, after the government sent out stimulus checks to aid American households during the pandemic. “If the consumer generally feels like they are going to have a job ... access to money ... we will see them spend that,” he told Quick. Walmart shares as of Tuesday’s market close are up about 5% this year. The company’s market cap is roughly $354.1 billion. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV