Content about Wal-Mart Stores

May 16, 2013
Wal-Mart’s Q1 sales, profit disappoints; issues tepid Q2 outlook

Wal-Mart Stores on Thursday reported profit and sales that were just below Wall Street expectations as the giant retailer struggled with a number of issues that impacted its U.S. sales, from the payroll tax increase to an unseasonably cold spring to delayed tax returns.

Bentonville, Ark. -- Wal-Mart Stores on Thursday reported profit and sales that were just below Wall Street expectations as the giant retailer struggled with a number of issues that impacted its U.S. sales, from the payroll tax increase to an unseasonably cold spring to delayed tax returns. The discounter also scaled back its earnings expectations for the current three-month period.

Wal-Mart’s net income rose 1.1% to $3.8 billion. Revenue edged up 1%, to $113.4 billion.

May 7, 2013
Report: Wal-Mart has sights set on two internal candidates in CEO succession

Wal-Mart Stores has identified two internal candidates to succeed CEO Mike Duke, Bloomberg News reported.

New York -- Wal-Mart Stores has identified two internal candidates to succeed CEO Mike Duke, Bloomberg News reported.
   
The two candidates are Bill Simon, 53 and head of Walmart U.S., and Doug McMillon, 46, head of the company's international business, according to the report.

 

April 23, 2013
Report: Wal-Mart CEO compensation rose 14% to $20.7 million in 2012
Wal-Mart Stores CEO Mike Duke received pay package in 2012 worth $20.7 million, up 14% from the previous year, according to an Associated Press analysis of a regulatory filing Monday. Duke's performance-based cash bonus jumped more than 50%.

New York -- Wal-Mart Stores CEO Mike Duke received pay package in 2012 worth $20.7 million, up 14% from the previous year, according to an Associated Press analysis of a regulatory filing Monday. Duke's performance-based cash bonus jumped more than 50%.

In the regulatory filing, Wal-Mart said that starting this year, it will tie some of Duke's compensation, along with that of other top executives, to the company's success in strengthening its compliance controls. Traditionally, compensation has been based on financial measures.

March 26, 2013
American Express, Wal-Mart expand Bluebird program

American Express and Wal-Mart Stores announced Tuesday that they are expanding their reloadable prepaid card program, Bluebird, to include direct-deposit capabilities for government checks.

New York -- American Express and Wal-Mart Stores announced Tuesday that they are expanding their reloadable prepaid card program, Bluebird, to include direct-deposit capabilities for government checks.

March 8, 2013
Wal-Mart corporate affairs head Leslie Dach to leave in June

Leslie Dach, EVP corporate affairs for Wal-Mart Stores, will step down in June. The retailer, which announced the news in a memo to employees, said it is actively searching for a replacement. The news was first reported by Politico.

New York -- Leslie Dach, EVP corporate affairs for Wal-Mart Stores, will step down in June. The retailer, which announced the news in a memo to employees, said it is actively searching for a replacement. The news was first reported by Politico.

"Leslie has played a pivotal role in helping us understand the broader role Walmart can play in meeting the major challenges facing society today, and social goals are now an integral part of how we run our business," Wal-Mart chief executive Mike Duke in the memo.

March 7, 2013
Wal-Mart launches online site of goods make by small, women-owned businesses

Wal-Mart Stores launched a new section on its website dedicated to products from small, women-owned businesses around the world.

Bentonville, Ark. -- Wal-Mart Stores on Thursday launched a new section on its website dedicated to products from small, women-owned businesses around the world.  

More than 200 items from 19 businesses in nine countries are featured in the new "Empowering Women Together" section of Walmart.com. The launch comes a day before International Women's Day.

February 28, 2013
Kimco receives subpoena in Wal-Mart probe

Shopping center operator Kimco Realty Corp. has received a subpoena in an investigation over possible violations of the Foreign Corrupt Practices Act (FCPA) by Wal-Mart Stores, Reuters reported.

New York -- Shopping center operator Kimco Realty Corp. has received a subpoena in an investigation over possible violations of the Foreign Corrupt Practices Act (FCPA) by Wal-Mart Stores, Reuters reported.

In a filing with the Securities and Exchange Commission (SEC), the Kimco said it had received the subpoena on Jan. 28 from the SEC’s Enforcement Division. Kimco said it would fully cooperate with the SEC, and that the Department of Justice was conducting a "parallel investigation" with the SEC, according to the report.

February 28, 2013
Wal-Mart’s U.S. chief administrative officer to step down

Wal-Mart Stores on Thursday confirmed a report from the Wall Street Journal that its U.S. chief administrative officer, Tom Mars, will step down in March.

New York -- Wal-Mart Stores on Thursday confirmed a report from the Wall Street Journal that its U.S. chief administrative officer, Tom Mars, will step down in March. The company did not give a reason for his departure.

February 26, 2013
Wal-Mart Stores sued by five women in Wisconsin for gender bias

Five women in Wisconsin have filed suit against Wal-Mart Stores, claiming the retailer denied them and other female employees equal pay and equal opportunities, the Journal Sentinel reported.

New York -- Five women in Wisconsin have filed suit against Wal-Mart Stores, claiming the retailer denied them and other female employees equal pay and equal opportunities, the Journal Sentinel reported. The suit, which also seeks class-action status, claims Wal-Mart discriminated against female employees in the chain's Region 14, which includes stores in Wisconsin, Michigan, Indiana and Illinois.

February 20, 2013
Former Wal-Mart chief named to CarCharging board

Electric vehicle charging company Car Charging Group said that former Wal-Mart Stores president and CEO Bill Fields has been appointed to its board of directors.

Miami Beach, Fla. -- Electric vehicle charging company Car Charging Group said Wednesday that former Wal-Mart Stores president and CEO Bill Fields has been appointed to its board of directors.

Retail veteran Fields has also led Blockbuster Entertainment Group as its chairman and CEO and also served in the same capacity at Hudson’s Bay Co.

 

February 20, 2013
Tennessee sex-discrimination claim against Wal-Mart dismissed

A federal judge in Nashville said that Wal-Mart Stores’ female employees in Tennessee and four other southern states cannot pursue sex-discrimination claims against Wal-Mart through a class action lawsuit.

Nashville -- A federal judge in Nashville said Wednesday that Wal-Mart Stores’ female employees in Tennessee and four other southern states cannot pursue sex-discrimination claims against Wal-Mart through a class action lawsuit. The class action is denied because it was filed too late.

According to U.S. District Judge Aleta Trauger, the class claims are “time-barred,” citing a 1988 decision by the federal appeals court in Cincinnati in a separate case, known as Andrews v. Orr, which blocks the women from joining a new class action.

January 31, 2013
Union agrees to end picketing at Wal-Mart stores

Labor groups that have long spoken out against Wal-Mart Stores will stop much of their picketing against the world's largest retailer, though they still plan to continue to push the company to improve working conditions.

New York -- Labor groups that have long spoken out against Wal-Mart Stores will stop much of their picketing against the world's largest retailer, though they still plan to continue to push the company to improve working conditions.

The United Food and Commercial Workers International Union, or UFCW, and OUR Walmart reached an agreement with the National Labor Relations Board, the groups and Walmart said on Thursday.

January 22, 2013
Wal-Mart issues ‘zero tolerance’ policy for global suppliers

Wal-Mart Stores is tightening the reins on its global suppliers.

Bentonville, Ark. -- Wal-Mart Stores is tightening the reins on its global suppliers. Effective March 1, the retailer is implementing a "zero tolerance" policy for any supplier who subcontracts work to factories without the company’s knowledge, the Associated Press reported. Previously, Wal-Mart gave suppliers three chances to correct mistakes.

As part of the new rules, Wal-Mart will require all factories in Bangladesh to undergo an electrical and building safety assessment from an independent agency.

January 15, 2013
Walmart pledges to hire 100,000-plus veterans over five years

Walmart announced an ambitious plan to hire more than 100,000 veterans over the next five years.

New York -- Walmart announced Tuesday an ambitious plan to hire more than 100,000 veterans over the next five years. The pledge was part of Walmrt U.S. CEO Bill Simon’s Tuesday keynote address at the National Retail Federation's Annual Convention & Expo in New York.

Beginning Memorial Day, Walmart will offer a job to any honorably discharged veteran in his or her first 12 months off active duty. Most of these jobs will be in Walmart stores and  its Sam's club locations. Some will be in the company's distribution centers.

January 10, 2013
Report: Congressmen say Wal-Mart CEO was aware of Mexico bribery

According to multiple reports on Thursday, congressmen Henry Waxman (D-Rep., Calif.) and Elijah Cummings (D-Rep. Md.) have said that Wal-Mart Stores CEO Mike Duke and other senior-level officials at the retailer were informed about allegations of bribery in the retailer’s operations in Mexico in 2005.

New York -- According to multiple reports on Thursday, congressmen Henry Waxman (D-Rep., Calif.) and Elijah Cummings (D-Rep. Md.) have said that Wal-Mart Stores CEO Mike Duke and other senior-level officials at the retailer were informed about allegations of bribery in the retailer’s operations in Mexico in 2005.

The two congressmen cited documentation obtained by their staffs, which discussed allegations of corruption regarding a store in Teotihuacan.

December 18, 2012
New York Times: Wal-Mart used payoffs in Mexico

Wal-Mart Stores’ ongoing investigation into bribery allegations was thrust into the spotlight again on Monday after the New York Times ran a lengthy piece detailing how an elaborate series of payments accelerated construction of a controversial store in Mexico City.

New York -- Wal-Mart Stores’ ongoing investigation into bribery allegations was thrust into the spotlight again on Monday after the New York Times ran a lengthy piece detailing how an elaborate series of payments accelerated construction of a controversial store in Mexico City.

December 14, 2012
Report: Wal-Mart and Kroger interested in Hostess Brands

Wal-Mart Stores and Kroger are said to be among the bidders for assets being sold by Hostess Brands Inc., according to Bloomberg.

New York -- Wal-Mart Stores and Kroger are said to be among the bidders for assets being sold by Hostess Brands Inc., according to Bloomberg.

The report, which cited a person who asked not to be named because the process is confidential, said there are about two dozen bidders, with some interested in just the cakes or breads businesses, and others in individual Hostess plants or products.
 

 

November 16, 2012
Wal-Mart foreign bribery investigation expands

Wal-Mart Stores reported in a regulatory filing that its investigation into violations of the Foreign Corrupt Practices Act, a federal antibribery law, has extended beyond Mexico to China, India and Brazil.

New York -- Wal-Mart Stores reported in a regulatory filing that its investigation into violations of the Foreign Corrupt Practices Act, a federal antibribery law, has extended beyond Mexico to China, India and Brazil.  

October 25, 2012
Wal-Mart outlines new supply chain sustainability initiatives; pushes suppliers to become more green

Wal-Mart Stores announced a series of initiatives to make the company's supply chain in the United States, China and around the world more sustainable.

Beijing -- Wal-Mart Stores announced a series of initiatives to make the company's supply chain in the United States, China and around the world more sustainable.

October 24, 2012
Wal-Mart centralizes compliance and legal issues

Wal-Mart Stores said on Wednesday that various staff groups involved in compliance and legal issues will soon all report to its general counsel, Reuters reported.

New York -- Wal-Mart Stores said on Wednesday that various staff groups involved in compliance and legal issues will soon all report to its general counsel, Reuters reported. The move comes as the retailer works on coordinating efforts after an alleged foreign bribery scandal.

In a memo sent by CEO Mike Duke, the retailer said that starting on Dec. 1, its compliance, ethics, investigations and legal units will become one organization under executive VP, general counsel and corporate secretary Jeff Gearhart.

October 10, 2012
Wal-Mart targeting $9 billion in e-commerce sales

As part of its annual address to investors, Wal-Mart Stores said it expects global e-commerce sales to reach $9 billion next fiscal year.

Rogers, Ark. -- As part of its annual address to investors on Wednesday, Wal-Mart Stores said it expects global e-commerce sales to reach $9 billion next fiscal year.

The retailer said it has made walmart.com easier to shop with a new search engine, enabled cash payment functions, and is now testing same-day delivery in four markets and a scan-and-go service for smartphones.

 

October 9, 2012
Wal-Mart testing same-day delivery for holidays

Wal-Mart Stores said it is testing same-day delivery service in four markets over the holiday shopping season.

Bentonville, Ark. -- Wal-Mart Stores said Tuesday it is testing same-day delivery service in four markets over the holiday shopping season.

The service is being tested in northern Virginia, Philadelphia, Minneapolis and San Francisco/San Jose, Calif. Geared toward customers who buy popular items online during the holidays, the test includes about 5,000 items and builds on a same-day grocery delivery service the retailer launched in San Jose in April 2010 and tested in San Francisco in 2011.

October 2, 2012
Walmart launches prepaid card reload program

Wal-Mart Stores said that it is launching a new service called Rapid Reload, which allows customers to load money onto prepaid cards.

Bentonville, Ark. -- Wal-Mart Stores said Tuesday that it is launching a new service called Rapid Reload, which allows customers to load money onto prepaid cards.

The service is affiliated with Green Dot Network, InComm's Vanilla Reload Network and First Data's Money Network.

For a fee of $3.74, the program allows customers, effective immediately, to add money to their card at a store register.

September 14, 2012
India paves way for foreign retailers

India’s government said that it has OK’d plans to permit foreign retailers to open stores that sell more than one brand, paving the way for retailers such as Wal-Mart Stores and Carrefour SA to expand their presence in the country.

New Delhi, India -- India’s government said Thursday that it has OK’d plans to permit foreign retailers to open stores that sell more than one brand, paving the way for retailers such as Wal-Mart Stores and Carrefour SA to expand their presence in the country.

The approved plan calls for overseas companies to put half of their investment in infrastructure such as processing, manufacturing, storage, warehouses and packaging.

September 11, 2012
Walmart to open three to five more India stores by year-end

A report by Reuters said that the Indian joint venture of Wal-Mart Stores and Bharti Enterprises has announced plans to open three to five cash-and-carry/wholesale stores in India by the end of the year.

Bangladesh, India -- A Tuesday report by Reuters said that the Indian joint venture of Wal-Mart Stores and Bharti Enterprises has announced plans to open three to five cash-and-carry/wholesale stores in India by the end of the year.

The partnership currently operates 17 wholesale stores in India. 

Foreign ownership regulations in India do not allow global hypermarket and supermarket chains to open retail stores in the country, but they are allowed to operate wholesale operations.