BENTONVILLE, Ark. — Wal-Mart Stores, the world’s largest retailer, said Friday it has promoted Rosalind Brewer to CEO of Sam’s Club — the first woman and first African-American to hold a chief executive position at one of the company’s business units. Brewer, 49, will also be president of Sam’s. The moves are effective Feb. 1.
Wal-Mart has in recent years has been battered by a combination of the slow-growing economy and its own decisions that caused U.S. customers to flee to competitors. It has refocused on offering the lowest prices and shoppers’ favorite goods and that strategy has been paying off. In its third fiscal quarter ended Oct. 28, its net income fell 2.9 percent, but it reversed a slump in U.S. namesake business.
Its Sam’s Club warehouse club business — which accounts for about 12 percent of Wal-Mart’s annual sales — has outperformed its namesake stores. Revenue in stores open at least one year rose 5.7 percent at Sam’s Club and 1.3 percent at Walmart U.S. stores in its third quarter. The measure is a key gauge of a retailer’s financial health.
