What CEOs Are Saying: Walmart, Target, Ross

A roundup of key points from retail earnings calls this week.

This week's earnings calls summaries are from three major retailers (including the world’s largest: Walmart). Two defining trends emerged across the calls:

1. AI is getting executive-level attention

Artificial intelligence is quickly gaining C-suite focus. Walmart did a rare organizational restructuring to create a new AI-focused role reporting directly to CEO Doug McMillon, while Target's incoming CEO Michael Fiddelke has already deployed over 10,000 new AI licenses across the company.

2. Tariff pressures demand creative cost management

Companies are getting increasingly strategic about absorbing cost pressures to protect customers. Walmart’s merchants are taking every measure to avoid passing on tariff costs, Ross is leaning heavily into closeouts to offset impacts, and Target continues managing tariff and cost pressures through hardcore expense management.

Here's what each company had to say: