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.
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%.
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.
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.
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.
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.
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.
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.
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.
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.