Strategy

While second quarter sales were less than expected, one area where Walmart exceeded plan was expenses incurred related to Foreign Corrupt Practices Act and compliance matters.

The company said it spent $82 million on efforts in those areas compared to the $65 million to $70 million it though it would spend at the start of the year. Expenses during the first half of the year totaled $155 million.

Vancouver-based Versatile Systems announced that Robert Joyce has resigned as a director and officer of Versatile and all its subsidiary companies. Joyce will continue working with the company as a consultant, and will assist in the management transition process.

Versatile also appointed Kenneth Kahn as president of Versatile Systems Inc. and its subsidiaries. Kahn was most recently EVP and global brand officer for Mood Media.

By Jeff Weidauer, [email protected]

NEW YORK — EyeLock Inc., a leading provider of iris-based identity authentication products and technology, has appointed Michael Fiorito as VP of enterprise accounts.

In this role, Fiorito will be responsible for managing all enterprise accounts and helping spearhead business development efforts which will expand EyeLock's footprint in the United States.

New York -- Tiffany & Co. today released its annual Corporate Responsibility Report, which affirms what the retailer says are efforts to positively improve the entire jewelry supply chain. This includes promoting responsible mining standards and increasing awareness about critical issues affecting the industry, such as the environmental concerns surrounding the development of the proposed Pebble Mine in Bristol Bay, Alaska.

DAVENPORT, Iowa — Von Maur has partnered with Brooks Brothers to sell the brand in its stores, making the retailer the second department store in the nation to carry the exclusive line.

The Brooks Brothers line will be available in six stores in fall 2013, and will expand to 13 in spring 2014.

New York -- Walmart is expanding its omni-channel integration by testing the use of lockers to fill online orders, company officials said during the chain’s second-quarter earnings call on Thursday.

“While this test is still in the early stages, the initial read on customer satisfaction and acceptance is very encouraging, with 90% of the customers who have used the service providing positive feedback,” Walmart U.S. CEO Bill Simon said during the call.

Yesterday’s release of disappointing sales and profits at Walmart was hardly unexpected, but it heightened concerns about the health of the consumer and sparked a broader market sell-off.