Wal Mart news and archive

Walmart reports strong Q3, ups FY25 outlook

Consolidated third quarter revenue at Walmart of 169.6 billion dollars, increased by 5.5 percent or 6.2 percent on constant currency basis. Raising its outlook for FY25, the company said net sales to reach 642.6 billion dollars, adjusted operating income at 27.1 billion dollars and adjusted EPS of 2.22 dollars. We had a strong quarter,...

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Retail

Primark offers better value than US competitors

Fast fashion just got faster as a new survey cites US retailers are priced over 200 percent more premium in comparison to Associated British Foods owned Primark. Research compiled by Morgan Stanley showed comparatively higher prices charged by American retail groups are proving tough competition, especially to US teen retailers. “Primark’s low...

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Retail

Wal-Mart could soon be using drones

Wal-Mart, the world's largest retail chain, could be using drones as soon as the end of this year, the company said Thursday. It also said it is testing artificial intelligence and virtual reality tech without adding further details. In order to better compete with rivals, the retail giant said it is six-to-nine-months away from introducing...

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People

Wal-mart to revamp its board

The world's second largest retailer, Wal-mart, is to revamp its board. Smaller in turnover only to Chinese retail giant Alibaba, Wal-mart will see Jim Walton, the son of the company's founder Sam Walton, retire. Wal-Mart is using the opportunity to bring its board structure closer to norms for US corporations and would be able to respond more...

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Retail

Wal-Mart to cut hundreds of jobs

Wal-Mart Stores is planning to lay off hundreds of headquarter staff as part of the discount retail giant’s efforts to cut costs, the Wall Street Journal noted. Fewer than 500 employees are expected to lose their jobs and an announcement could be made as early as Friday, according to an un-named source. So far Wal-Mart has declined to comment....

Design

Gap becomes the target of an internet hoax

Gap Inc. has become the target of an elaborate online hoax, carried out by online activist group 18MillionRising.org,which claimed that Gap had signed the Accord on Fire and Building Safety in Bangladesh and intended to pay out 200,000 dollars in compensation. During the Gap Inc. shareholder meeting in San Francisco earlier this week, the online...

Fashion

Walmart posts profit rise in Q1

Walmart, the world's largest retailer, has posted a rise in profits in the three months to April. The US giant, which owns UK's Asda, said profits rose 1 percent to 3.78 billion dollars (2.48 billion pounds) after sales in the US fell by 1.4 percent. Promotions boost sales at Asdah Sales and profits at subsidiary Asda, the UK's second-biggest...

Design

Wal-Mart to clamp down on supplier ethics

Wal-Mart, the American retail giant, is to adopt a zero tolerance approach for those that violate its global sourcing standards, the Wall Street Journal reported. The company said it would soon begin severing ties immediately with suppliers who were found to be subcontracting work to other factories without its knowledge. The move comes after...

Design

Walmart’s Q2 net sales up by 4.5 percent

Wal-Mart Stores reported financial results for the quarter ended July 31, 2012. Net sales for the second quarter of fiscal 2013 were 113.5 billion dollars, an increase of 4.5 percent from 108.6 billion dollars in the second quarter last year. Net sales for this quarter included a negative currency exchange rate impact of approximately 2.2...

Design

Scandal impacts Wal-Mart stock price

US retail giant Wal-Mart is under investigation on bribery charges in Mexico. News of the scandal drove stock prices down 4.7 percent on Monday to $59,54 (£36,90). Wal-Mart is currently under investigation following allegations of bribing Mexican officials to obtain building permits in the region. According to an article in the New York Times...

Design

Tesco’s India plans on hold

Tesco, the world’s third largest retailer, has decided to adopt a wait and watch policy to enter the Indian market. As of now, it has decided to focus its exisiting franchise arrangement with Tata’s Trent. According to the arrangement, Tesco provides back-end support to Star Bazaar hypermarkets run by Trent, in terms of inventory and supply...

Fashion

Finally, India gives approval to FDI in multi-brand retail

Keeping all resistance from opposition and political parties at bay, the Union cabinet of India has finally approved 51 per cent foreign direct investment (FDI) in multi-brand retail and allowed 100 per cent in single brand retail. This means, Indian consumers can now shop from mega-discount chains run by a global retailer like Tesco, Wal-Mart...