News

Justin Timberlake, Celine Dion, Taylor Swift and Lionel Richie kept the mood light and celebratory at Walmart’s annual meeting. See what The New York Times had to say about the event.


 

See what Walmart president and CEO Mike Duke had to say about the company’s growth prospects. For a transcript of his comments, click here.



 

Walmart shareholders may wish the company were investigated more often, judging from the performance of shares since alleged violations by the Foreign Corrupt Practices Act first surfaced.

Walmart share’s closed Friday at $65.55, or 5% higher than the $62.45 price they were trading at on Friday, April 20 before The New York Times first reported on allegations of FCPA violations.

EDLP (every day low price) and EDLC (every day low cost) are the most familiar acronyms at Walmart, but FCPA (Foreign Corrupt Practices Act) is giving them a run for their money these days.

Walmart’s strategy of every day low prices underpinned by an every day low cost operating model will work everywhere in the world, according to international division president and CEO Doug McMillon.

Responding to a question about improving international financial returns, McMillon weighed in on the need to deliver on the strategy of every day low prices on a broad assortment and how that is the right approach internationally in large format stores.

Orlando, Fla. — The Global Market Development Center has awarded Jerry Brown its 2012 Lifetime Achievement Award. The honor was given on June 3 during the “Dinner with the Chairman” at the 42nd Annual 2012 General Merchandise Conference in Orlando, Fla.

Walmart shareholders upset by allegations of Foreign Corrupt Practices Act violations expressed their displeasure with the Walmart board by casting an unusually large number of negative votes against company insiders last Friday.

Several major shareholders had vowed to vote against key board members in advance of the annual shareholders’ meeting, although the move was seen as largely symbolic since the Walton family and other company insiders control a sufficient number of shares to ensure the defeat or passage of any proposal.

UNION, N.J. — Bed Bath & Beyond has expanded its business with the all cash acquisition of Linen Holdings, LLC for approximately $105 million.  Based in Gibbsboro, New Jersey, Linen Holdings LLC is a privately-held, value-added distributor of bath, bed and table linens, other textile products and amenities to customers in the hospitality, cruise line, food service, health care and other industries.

ENGLEWOOD, Colo. — Sports Authority has launched its first-ever customer loyalty program, The League, which offers members 5% back on their total point balances of 100 points or more earned quarterly. 

RESTON, Va., and ATLANTA — A simple and convenient returns policy is an important factor in the decision to make a purchase online, a new study form comScore and UPS found. According to the Online Shopping Customer Experience Study, 63% of online shoppers look at a retailer’s return policy before making a purchase. Nearly half said they would shop more often and recommend a retailer with a lenient returns policy, indicating its value in driving customer loyalty.