WHEN: Today, Wednesday, October 14th
WHERE: CNBC's "Squawk Box"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Wal-Mart CEO Doug McMillon on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today. Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000432136, http://video.cnbc.com/gallery/?video=3000432137, http://video.cnbc.com/gallery/?video=3000432138 and http://video.cnbc.com/gallery/?video=3000432174.
All references must be sourced to CNBC.
MCMILLON ON WAL-MART CHANGES
We've got a stores business that needs investment and the investments that we made in people, in training, in instock, faster checkouts those things are starting to pay off.
Becky Quick: Online, too, I suppose.
Doug McMillion: Yeah, that's another big bucket. But in the stores we've got a fast, clean and friendly scores that we measure from customers and we've seen them since the beginning of the year go from about 16% favorable to 67% today. So our customers are telling us it's working.
MCMILLON ON PREDECESSOR DIFFERENCE
We had a period of time where we were so focused on productivity and expense leverage. We just took it a bit too far. And competition is changing and the world changes fast. Wage rates started to move in the market despite what we had done. So it's a combination of things that's got us to this place. But what we're doing about it is what matters.
MCMILLON ON U.S. ECONOMY
The U.S., I'd say steady. It's ok. Back to school was pretty good. Halloween has started off well. Families are taking care of those seasonal events. I think Christmas will be fine. It'll be highly competitive, but it will be fine. Gas prices are helping people some. So I think generally the U.S. is in pretty good shape.
MCMILLON ON CHINA
China is a little tougher, but we are growing market share with the supercenters that we have there. There, the Sam's Club is doing great. We now got an e-commerce business that we own a 100% of and it's growing. And you just can't think about China as a one year endeavor. It's a longer endeavor, but the consumption opportunity there is just enormous.
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