Content about Wal-Mart Stores Inc.

Expenses related to Walmart’s ongoing Foreign Corrupt Practices Act and related compliance matters will reach $200 million by the end of the first quarter, according to disclosures made Thursday in conjunction with the release of fourth quarter financial results.

In addition to the $99 million Walmart had spent on FCPA and compliance matters at the end of the third quarter, it spent another $58 million during the fourth quarter and said the first quarter could see expenses ranging from $40 million to $45 million.

Walmart overcame a meager 1% same stores sales increase at U.S. stores to deliver better than expected fourth quarter profits on Thursday.

The company said total sales increased 3.9% to $127.1 billion compared to $122.3 billion last year. Without the benefit of a favorable currency exchange situation, sales would have increased a lesser 3.7% to $126.8 billion. Full year sales increased by 5% to $466.1 billion compared to last year’s total of $443.8.

Karen Roberts was named EVP and general counsel for Wal-Mart Stores, Inc. on Thursday amid the retailer’s ongoing investigation in possible violations of the U.S. Foreign Corrupt Practices Act.

Roberts, 42, is a 17 year Walmart veteran who most recently served as EVP and president of Walmart Realty for Walmart U.S.. However, prior to that, she held the position of SVP and chief compliance officer for Walmart U.S. where she oversaw the establishment of food and product safety programs and a recycling program.

Walmart maintained an optimistic outlook for the holiday season despite 1.5% third quarter comp increase that reflected a modest deceleration in sales momentum seen earlier this year.

Wal-Mart Stores Inc. is being hit by yet another lawsuit, as a proposed class action was filed Monday alleging that the world’s largest retailer and its staffing agencies broke federal minimum wage and overtime laws. The suit, filed in the U.S. District Court of Illinois' Eastern Division claims that Wal-Mart and its staffing firms Labor Ready and QPS required temp workers in the Chicago area to arrive early for work, stay late, and work through lunches and breaks without pay.

BENTONVILLE, Ark. — Wal-Mart Stores Inc. will adjust its future financial reports to add more detail on legal proceedings and cyber security after U.S. regulators asked the retailer to better explain certain matters in its latest quarterly and annual filings, Reuters reported.
  
Wal-Mart's correspondence with the U.S. Securities and Exchange Commission took place in June and July and was made public on Monday.

BENTONVILLE, Ark. — The Walmart board of directors is poised for an infusion of fresh, and young, talent when shareholders vote to approve a slate of directors that includes Google’s VP of local and maps.

BENTONVILLE, Ark. — Walmart’s U.S. stores division regained customer traffic during the fourth quarter to post a 1.5% same-store sales increase and continues gather momentum as familiar strategies and effective marketing are resonating with customers, the company said Tuesday morning in conjunction with the release of quarterly results.

BENTONVILLE, Ark. — Despite the absence of top line growth at Walmart’s U.S. stores division, second quarter earnings grew 12.4% to $1.09 and came in a penny ahead of analysts’ estimates, which was enough for the company to narrow and increase the range of its full year profit forecast.

It is logical that Wal-Mart Stores Inc. president and CEO Mike Duke would top Supermarket News’ Power 50 list of the food industry’s most influential executives. The company sells more food, by a large margin, than anyone else, therefore a case could be made that Duke, or whoever is CEO of Walmart, should top the publication’s list each year.

Despite progress on several key merchandising initiatives during the first quarter, it wasn’t enough to prevent Walmart from logging a 1.1% decline in same-store sales, losing customer traffic and introducing the possibility the second quarter will bring more of the same. The company’s forecast for second quarter same-store sales envisions a range of possibilities between a 1% decline and 1% increase.