Walmart names Judith McKenna to run international unit
NEW YORK (AP) — Walmart has picked Judith McKenna to run its international unit, a job that in the past has led to the CEO role at the retailer.
McKenna, who is currently chief operating officer, will start as CEO and president of Walmart's international business on Feb. 1. She will replace David Cheesewright, who is retiring.
Walmart's current CEO, Doug McMillon, and his predecessor Michael Duke ran the international unit before moving to the top job.
In the age of Amazon, Walmart is changing its legal name
NEW YORK (AP) — Wal-Mart Stores Inc. is changing its legal name effective Feb. 1 as it shifts away from physical stores in the age of Amazon's increasing dominance.
The world's largest retailer, based in Bentonville, Arkansas, said Wednesday it will change its legal name to Walmart Inc. from Wal-Mart Stores Inc.
What's in a name? For Wal-Mart Stores Inc., it's what's not in the name that counts.
The world's biggest retailer announced plans to change its legal name to Walmart Inc. on Feb. 1, the start of its next fiscal year. The tweak reflects how customers commonly refer to the company, and supports its aim to serve customers both in physical stores and online.
Amazon, Walmart shift attention to procrastinators
Cyber Monday sales reached $6.59 billion, fueled by deals on toys, video-game consoles and televisions, making it the biggest U.S. online spending day ever.
E-commerce spending increased 17 percent on Monday, capping the biggest five-day period of the holiday shopping season that began on Thanksgiving, Adobe Systems Inc. reported.
The grocery price war — and the tricky situation it's created for food retailers — is on full display this Thanksgiving season.
The price of a basket of Thanksgiving items, including a 12-pound turkey, is down 6.7 percent at Wal-Mart Stores Inc. this year, according to a report from Bloomberg Intelligence.
Earnings scheduled for the week of 11/13/2017
Major companies tentatively scheduled to post quarterly earnings next week:
Home Depot Inc. reports quarterly financial results before the market open.
Walmart shopper hurt while buying melon wins $7.5M verdict
PHENIX CITY, Ala. (AP) — An Alabama man who said he tripped and broke his hip while buying a watermelon at a Walmart store has won a $7.5 million verdict in his lawsuit against the retailer.
Henry Walker on Wednesday was awarded the damages after a jury trial in Phenix City, Alabama, just west of the Georgia state line, court records show.
Wal-Mart Stores Inc.'s app is close to surpassing Apple Pay in usage for mobile payments in the U.S., giving the world's largest retailer even more clout as a growing number of people shop with their smartphones.
Target Corp. is stepping up its plan to remodel stores, a bid to regain its cachet and fend off incursions by Wal-Mart Stores Inc. and Amazon.com Inc.
The retailer now plans to revamp more than 1,000 locations by the end of 2020, part of a sweeping overhaul of its operations. The Minneapolis-based company had previously said it was remodeling 600 stores by 2019.
Toys R Us Inc. has filed for bankruptcy reorganization, a victim of the change in retailing and the company's own heavy debt burden, but said it would continue to operate as usual heading into the crucial holiday shopping season.
With its spacious, high-ceiling stores that hold thousands of items, Toys R Us pioneered the big-box format for toy sales and once was the go-to destination for people shopping for toys, baby products and birthday gifts.
Walmart to build new home office in Bentonville, Arkansas
BENTONVILLE, Ark. (AP) — Wal-Mart Stores Inc. has announced plans to build a new home office less than 2 miles (3 kilometers) from its current headquarters in Bentonville, Arkansas.
Walmart spokesman Randy Hargrove says the company is in the early planning and design phases of the project and that it will take up to seven years to complete.
An estimated cost of the project has not been determined.
Earnings scheduled for the week of 8/14/2017
Major companies tentatively scheduled to post quarterly earnings next week:
Home Depot Inc. reports quarterly financial results before the market opens.
Walmart tests app that lets shoppers skip checkout lines
NEW YORK (AP) — Walmart is bringing back an app that lets shoppers skip the checkout line and pay for items themselves on their smartphones.
It first tested a version of the app, called Scan & Go, in 2013. But it discontinued it after customers said it was confusing to use. The retailer said Wednesday that it learned from the initial test and redesigned the app to make it easier to use.
LITTLE ROCK, Ark. (AP) — Wal-Mart Stores Inc. announced Tuesday that it's expanding its military leave-of-absence policy by offering differential pay to all eligible employees who are on military assignments lasting more than three days.
BOSTON (AP) — A $7.5 million class action settlement between Wal-Mart and a former employee who challenged the retail chain's lack of health insurance benefits for her same-sex spouse was approved by a federal judge on Monday.
The settlement will pay for claims by current and former Wal-Mart associates in the U.S. and Puerto Rico that they were unable to obtain health insurance for their same-sex spouses from 2011 to 2013. About 380 claims have been submitted.
Pineville discusses connecting to Northwest Arkansas trail
PINEVILLE, Mo. (AP) — The Harry S. Truman Coordinating Council and the Northwest Arkansas Regional Planning Commission will be meeting to discuss a proposal to connect Jane and Pineville to the Northwest Arkansas trail.
The Joplin Globe (http://bit.ly/2lSOlmQ ) reports the meeting is expected to take place March 6.
Wal-Mart to add about 10,000 retail jobs in the US
Wal-Mart plans to add about 10,000 retail jobs in the U.S. as it opens new stores and expands existing locations.
The world's biggest retailer said Tuesday that there will also be about 24,000 construction jobs generated by its expansion plans.
There will be 59 new, expanded and relocated Walmart and Sam's Clubs locations, according to Wal-Mart Stores Inc.
Wal-Mart names John Furner as Sam’s Club next CEO
NEW YORK (AP) — Wal-Mart says it named John Furner as CEO of its Sam's Club stores to replace Rosalind Brewer, who is retiring next month.
Furner, who is 42, will head the membership-only warehouse chain next month. Furner has been Sam's Club's chief merchandising officer since October 2015. Wal-Mart says he first joined the company as an hourly store associate in 1993.
Wal-Mart expands online reach with ShoeBuy acquisition
BENTONVILLE, Ark. (AP) — The online retailer Jet.com, now owned by Wal-Mart, says it's acquired the footwear-shopping website ShoeBuy for about $70 million.
The deal, announced Thursday, closed Dec. 30.
Based in Boston, ShoeBuy offers more than 800 brands of shoes, clothing and accessories. Arkansas-based Wal-Mart Stores Inc. says ShoeBuy will continue to operate as a stand-alone website, and ShoeBuy's current executives and employees will still be based in Boston.
Wal-Mart kicks off Cyber Monday on Friday
NEW YORK (AP) — Cyber Monday is starting earlier and earlier.
Wal-Mart Stores Inc. said Monday that it's kicking off its so-called "Cyber Monday" deals at 12:01 a.m. EST Friday for the first time ever as it aims to grab customers ahead of its competitors.
Last year, the world's largest retailer pulled up the "Cyber Monday" deals to the Sunday evening after Thanksgiving for the first time.
Wal-Mart’s profit falls but beats estimates; revenue misses
NEW YORK (AP) — Wal-Mart Stores Inc. saw its third-quarter profit fall more than 8 percent, dragged down as it continues to plow money into e-commerce and improving its stores. While online sales improved, overall revenue fell short of expectations as the company said it was hurt in part by falling food prices.
Wal-Mart’s profit falls but beats estimates; revenue misses
NEW YORK (AP) — Wal-Mart Stores Inc. reported its third-quarter profit fell 8.2 percent, dragged down by investments in e-commerce and its stores. Its earnings still beat Wall Street estimates. But its revenue fell short of expectations.
Shares fell nearly 3 percent in premarket trading.
Wal-Mart is reinventing itself to be more nimble as it fights off competition from online leader Amazon.com and other rivals.
Wal-Mart’s 3Q profits beat estimates; revenue falls short
NEW YORK (AP) — Wal-Mart Stores Inc. is reporting its third-quarter profit fell 8.2 percent dragged down by investments in e-commerce and other areas. Its earnings still beat Wall Street estimates. Revenue fell short of expectations.
Shares slipped 0.4 percent in pre-market trading.
The world's largest retailer says it earned $3.03 billion, or 98 cents per share, for the three-month period ended Oct. 31. That compares with $3.3 billion, or $1.03 per share in the year-ago period.
Tips for getting deals for the Black Friday weekend
NEW YORK (AP) — Serious deal-seekers are already planning their Thanksgiving weekend shopping, and experts believe that once again the holiday itself may offer better deals than Black Friday the day afterward.
Union asks court to reverse Wal-Mart trespassing order
LITTLE ROCK, Ark. (AP) — A labor union that has demonstrated against Wal-Mart Stores Inc. asked the Arkansas Supreme Court on Thursday to reverse a judge's decision barring it from entering the retail giant's property for anything other than shopping.
An attorney for the United Food and Commercial Workers International Union argued that the National Labor Relations Board, not the Benton County judge, should have jurisdiction over the matter.
Wal-Mart plans to slow new store openings, invest in online
NEW YORK (AP) — Wal-Mart Stores Inc. plans to slow its new store openings and pour more money into its online efforts, technology and store remodels, the company said Thursday.
The world's largest retailer completed its more than $3 billion buyout of the fast-growing online retailer Jet.com last month, showing how heavily it's willing to invest to boost online sales that totaled $13.7 billion last year — still just a fraction of its annual revenue.
Wal-Mart increases stake in China’s JD.com
NEW YORK (AP) — Wal-Mart Stores Inc. has increased its stake in JD.com, China's No. 2 e-commerce site.
In a regulatory filing late Wednesday, Wal-Mart said that it has upped its stake in JD.com to 10.8 percent from 5.9 percent.
The move comes nearly four months after Wal-Mart bought an initial stake in JD.com in a deal that also gave JD.com ownership of its Chinese e-commerce site Yihaodian, including the brand and app.
Wal-Mart cancels planned store in western Maryland city
FREDERICK, Md. (AP) — A Frederick development attorney says Wal-Mart is canceling plans to build a store along a tarnished retail strip known as the "Golden Mile."
Dave Severn told The Frederick News-Post (http://bit.ly/2bWtFJx ) Thursday that his client, Rockwood Capital, got the news in a letter from Arkansas-based Wal-Mart Stores Inc., the nation's largest retailer.
Target cuts outlook as it sees fewer customers in stores
NEW YORK (AP) — Target Corp. cut its profit forecast and a key sales outlook Wednesday as it saw fewer customers in its stores and acknowledged it didn't push the second part of its "Expect More, Pay Less" slogan.
Wal-Mart buying online retailer newcomer Jet.com
NEW YORK (AP) — Wal-Mart is buying fast-growing online retailer Jet.com for $3 billion in cash plus $300 million in stock, scooping up a newcomer that launched a year ago with the intention of challenging online leader Amazon.
The hefty price underscores how Wal-Mart is trying to compete more aggressively and effectively for younger and more affluent customers as it has seen its online business growth slow, even with big investments in distribution centers and expanding...
Wal-Mart Stores Inc. and e-commerce startup Jet.com Inc. are trying to close a $3 billion acquisition as soon as Monday that will require Jet founder Marc Lore to head the retailer's online division for several years, according to people familiar with the matter.
Lore would stay in that role for longer than the two-plus years he spent at Amazon.com Inc., said one of the people, who asked not to be identified because the details aren't public. The deal combines Jet's...
Wal-Mart Stores Inc. is in talks to buy Jet.com Inc., the e-commerce startup that began a year ago billing itself as a challenger to Amazon.com Inc., according to people familiar with the matter.
The discussions may ultimately result in a strategic investment rather than an acquisition, said one of the people, who asked not to be identified because the talks are private.
Jet has been reaching out to Wal-Mart and other retailers for capital to help take on Amazon,...
NEW YORK (AP) — A federal appeals court has rejected a shareholder lawsuit filed against key directors at Wal-Mart Stores Inc. that claimed they allowed and concealed alleged bribery in the company's Mexico division.
Chief Judge William Riley wrote for the 8th U.S. Circuit Court of Appeals that shareholders, including the Louisiana Municipal Police Employees' Retirement System, did "not give rise to a reasonable reference" that the board of directors learned of the...
Wal-Mart in China faces employee protests
BEIJING (AP) — Wal-Mart faces protests by employees in China over what they say is a drastic change in work schedules as the company overhauls its struggling business amid an economic slowdown and competition from e-commerce.
Weakening demand for traditional retailers has added to trouble for Wal-Mart Stores Inc., which has had slow and uneven growth since its first China outlet opened in 1996. It tried to expand into online retailing but sold its operation last month to...