Thread: Wal-Mart awarding $2B to U.S. hourly employees

Wal-Mart awarding $2B to U.S. hourly employees, report says

For its fiscal year ending Jan. 31, 2009, Wal-Mart's total sales rose 7.2%.

CHICAGO (Reuters) — Wal-Mart Stores (WMT) is awarding approximately $2 billion to its U.S. hourly employees through financial incentives, including handing out $933.6 million in bonuses Thursday, after the world's largest retailer gained market share amid a recession.
In a memo to Wal-Mart employees obtained by Reuters, Wal-Mart CEO Mike Duke said the retailer is awarding roughly $2 billion to U.S. hourly employees, which includes $933.6 million in bonuses, $788.8 million in profit sharing and 401(k) contributions, millions of dollars in merchandise discounts, and contributions to its employee stock purchase plan.

"While economic challenges forced others to step back, we moved forward," Duke stated in the memo.

Duke said Wal-Mart now needs to "accelerate and broaden all of our efforts."

As consumers seek to stretch limited budgets, they are increasingly heading to Wal-Mart's U.S. stores for discounts on everything from food to televisions. Wal-Mart is also aggressively touting its low prices to attract shoppers, and the retailer said Thursday that it is cutting prices on contact lenses and children's glasses.

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The efforts are helping Wal-Mart gain market share while other U.S. retailers see sales fall as shoppers avoid splurging on nice-to-have items, like sweaters or jewelry.

For its fiscal year ending Jan. 31, 2009, Wal-Mart's total sales rose 7.2% to $401.24 billion. Sales at its U.S. stores open at least a year, or same-store sales, rose 3.3%, excluding fuel, in its recently completed fiscal year, up from a 1.4% gain in the previous fiscal year.

A year ago, Wal-Mart said it awarded almost $1.2 billion in financial incentives to its U.S. hourly employees, including more than $636.4 million in bonuses, which are based on store performance.

http://www.usatoday.com/money/industrie ... kers_N.htm

NEVER shop at Wal-Mart!!!!!!!!!!! Your money goes to MEXICO and CHINA... BUY AMERICAN!!!!!!!!!

"As consumers seek to stretch limited budgets, they are increasingly heading to Wal-Mart's U.S. stores for discounts on everything from food to televisions."

I have discovered what low prices Wal-Mart has and the quality of their products. Many small towns depend on Wal-Mart and I can see why. I don't care where they spend money. If they can save me some....thats great. And if you have money to pay higher prices, then you're doing better than a lot of us. To each his own.

Walmart is a sell out screw them!!