CURA_1170x120_8-22-19

Doug McMillon

Walmart reins in new store openings

Walmart reins in new store openings

BENTONVILLE, Ark. — Walmart’s capital spending plan for next year calls for fewer new brick-and-mortar stores, and an accelerated e-commerce push. The announcement of the retailer’s spending priorities came during Walmart’s annual meeting with the investment community. The company also said that it expects its earnings to be flat in fiscal 2018, which starts in

Walmart wraps up Jet.com acquisition

Walmart wraps up Jet.com acquisition

BENTONVILLE, Ark. — Walmart has finalized its $3.3 billion acquisition of e-tailer Jet.com. The discount store giant said late Monday that with the closing of the deal, which was announced in early August, Jet.com founder and chief executive officer Marc Lore becomes executive vice president at Walmart and president and CEO of Walmart e-commerce in

Walmart sees ‘positive momentum’ in 2Q

Walmart sees ‘positive momentum’ in 2Q

BENTONVILLE, Ark. — Walmart earned $1.07 per share in the fiscal second quarter, slightly lower than its $1.08-per-share profit a year ago but above Wall Street’s consensus forecast of $1.02. The retail giant said Thursday that revenue grew 0.5% to $120.8 billion as the company notched its biggest same-store sales increase in four years. Walmart

Walmart to acquire Jet.com in $3.3 billion deal

Walmart to acquire Jet.com in $3.3 billion deal

BENTONVILLE, Ark. — Following recent reports that a deal was in the works, Walmart announced that it’s buying online retailer Jet.com Inc. in a transaction valued at $3.3 billion. Walmart said Wednesday that under the agreement, it will buy Jet for about $3 billion in cash and $300 million in Walmart shares. Some of the

Walmart’s goal is to reimagine retail

Walmart’s goal is to reimagine retail

BENTONVILLE, Ark. — Walmart’s investments in its people and in technology are paying off as the giant company seeks to “reimagine retail” and find new opportunities for growth. Speaking to an audience of 14,000 people — including shareholders and employees from around the world — at the company’s annual meeting earlier this month, president and

Walmart’s McMillon: ‘Our mission is clear’

Walmart’s McMillon: ‘Our mission is clear’

FAYETTEVILLE, Ark. — Walmart used its 2016 shareholders meeting to drive home the message that the customer is boss and the key to the retailer’s ability to grow. “Our mission is clear,” Doug McMillon, Walmart’s president and chief executive officer, said at the June 3 Walmart annual shareholders meeting. “We save customers money so they

Walmart reshapes board of directors

Walmart reshapes board of directors

BENTONVILLE, Ark. — Walmart has repositioned its board of directors as the company pushes ahead with its strategic plans. Walmart said late Wednesday that going forward its board will have 12 members, down from the current 15. Plans call for current directors Aida Alvarez, Roger Corbett, Mike Duke and Jim Walton to not stand for

Former Walmart vice chairman Coughlin dies at 66

BENTONVILLE, Ark. — Tom Coughlin, a legendary retailing executive and former vice chairman of Walmart, died April 1 at the age of 66. According to a ­Reuters report, Coughlin had been in the intensive care unit of a hospital for several days. Coughlin began his Walmart career in 1978 in the retailer’s security department. He

Walmart earnings decline for 4Q, full year

Walmart earnings decline for 4Q, full year

BENTONVILLE, Ark. — Walmart reported decreased net earnings for its fiscal 2016 fourth quarter and full year, with adjusted earnings per share above Wall Street’s consensus forecast. The retail giant said Thursday that for the fourth quarter ended Jan. 31., net income fell 7.9% to $4.57 billion, or $1.43 per diluted share, from $4.97 billion,

Walmart abandons small-scale Express format

Walmart abandons small-scale Express format

BENTONVILLE, Ark. — Walmart will close all of its Walmart Express small-format stores in the United States as part of a move to shut 269 stores worldwide. The 154 U.S. store closings also include Walmart Neighborhood Markets, 12 Walmart Supercenters, seven stores in Puerto Rico, six discount centers and four Sam’s Clubs. “The large majority

Walmart Express small-format stores to be shut

Walmart Express small-format stores to be shut

BENTONVILLE, Ark. — Walmart plans to close all of its Walmart Express small-format stores in the United States as part of a move to shut 269 stores worldwide. The retail giant said Friday that, after a review of the nearly 11,600 stores in its global portfolio, it aims to close 269 stores, including 154 U.S.

Investments in future to take short-term toll on Walmart earnings

BENTONVILLE, Ark. — Walmart is lowering the bar for earnings over the next several quarters as it invests in a longer-term rebound by improving the store experience and expanding e-commerce capabilities, and merging the two to offer a seamless experience for shoppers. The bulk of the investment will occur in the fiscal year ending in

Walmart understands times are changing

Walmart understands times are changing

Reaction to Walmart’s announcement in mid-October that the retailer’s sales and earnings would suffer as a result of its heightened commitment to its employees, its stores and its online presence dwarfed any negativity the company had experienced in nearly two decades. The retailer’s stock plunged — and the rub-off impacted the entire retail community. Indeed,

CVS, Walgreens take part in youth jobs coalition

CVS, Walgreens take part in youth jobs coalition

CHICAGO — CVS Health, Walgreens, Walmart and Target are among more than a dozen U.S.-based companies forming the 100,000 Opportunities Initiative, an employer-led coalition that aims to create pathways to jobs for America’s young people. The coalition has set a goal to engage at least 100,000 “Opportunity Youth” — 16- to 24-year-olds who face systemic