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Wal-Mart: Loss from bribery probe likely
Bentonville, Ark. -- Wal-Mart Stores Inc. revealed in a Tuesday SEC filing that it will most likely incur a loss from bribery probes into its operations in Mexico and other countries.
According to the filing, Wal-Mart said it expects to incur costs beyond the $157 million it spent on the probes in 2013, but didn’t elaborate on the amount or the size of the potential loss.
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Five Below sales and profits rise in Q4
New York -- Five Below reported Wednesday that net income for the quarter ended Feb. 2 rose to $19.2 million, compared with $12.4 million in the year-ago period.
Revenue surged 38% to $173.6 million from $125.8 million in the fourth quarter of fiscal 2011. Same-store sales rose 4.4%.
For the full year, profit rose to $20 million from $16.1 million and revenue increased 41% to $418.8 million. The company said it expects to open 60 stores this year, including new markets in Texas, as well as adding units in existing markets.