International Business

New York City -- Walmart Canada, a unit of Wal-Mart Stores, announced that it plans to open 40 additional supercenters in its upcoming fiscal year (which runs from Feb.1, 2011 to January 31, 2012). The company is investing approximately $500 million in the project, which also includes expanding, remodeling and relocating existing stores.

Although Walmart Canada did not disclose exact locations, it did reveal that it will enter two new new markets this year: the provinces of Quebec and Manitoba.

WASHINGTON — The largest retail trade association on Wednesday said that President Obama's State of the Union address recognized the industry's role in job creation.

The National Retail Federation said that the president's "continued support of 'commonsense safeguards,'" which included support of such proposals as swipe fee limits, "will help retailers innovate and support the consumer spending that is crucial to job creation."

Washington, D.C. -- The National Retail Federation welcomed President Obama’s recognition of the importance of the retail industry to job creation in Tuesday night’s State of the Union address, and pledged to work with the White House on initiatives to promote continuation of the nation’s economic recovery.

Irving, Texas -- NEC Corp. of American announced that OXXO, the largest convenience store chain in Latin America, has selected NEC’s new point of sale hardware platform, TWINPOS 4500 as its standard.

With more than 8,000 stores strategically located throughout Mexico and Colombia, OXXO offers convenient services and products, 24-hour service in most areas and a fast and comfortable shopping experience.

Beijing -- China said Wednesday it is fining Wal-Mart and Carrefour stores up to $75,900 for overpricing, expressing concerns about price inflation ahead of the impending Lunar New Year holiday.

A statement posted Wednesday on the National Development and Reform Commission website listed about a dozen stores across the country that engaged in overpricing, noting high charges on items ranging from underwear to dumpling powder.

WASHINGTON --The National Retail Federation announced that it welcomed the focus on job creation and the economy expected in President Obama’s State of the Union Address.

Philadelphia -- A survey released Tuesday by management consultancy Hay Group, ranking the 20 best companies for in terms of leadership, said that both Walmart and McDonald’s made the sixth annual list, but incumbents Zappos and Ikea dropped out of the rankings.

By Lara Greden, [email protected]

Cleveland -- Sherwin-Williams Co. reported Tuesday that net income for its fourth quarter increased to $72.9 million, compared with $65.3 million in the prior year.

Revenue rose to just under $1.9 billion, from $1.6 billion. Wall Street expected revenue of $1.78 billion.

New York City -- Coach reported Tuesday that net income for the quarter ended Jan. 1 rose a better-than-expected 26% to $303.4 million on strong sales, compared with $240.1 million in the year-ago period.

The company credited a rebound in U.S. luxury spending, as well as soaring holiday sales in China for the strong performance.

Sales leaped 18.7% to $1.26 billion, boosted by a same-store sales increase of 12.6% in North America.

On average, Wall Street expected revenue of $1.21 billion.