Allegations that Wal-Mart Stores Inc. covered up the findings of an internal probe that proved its Mexican subsidiary bribed officials in that country could have huge implications for the world's biggest retailer and its executives.
NEW YORK (AP) -- Allegations that Wal-Mart Stores Inc. covered up the findings of an internal probe that proved its Mexican subsidiary bribed officials in that country could have huge implications for the world's biggest retailer and its executives....
NEW DELHI: The Central Bureau of Investigation (CBI) has begun an investigation into allegations that snack-food maker Mondelez India (formerly Cadbury India) paid bribes to government officials and perhaps politicians to save almost £60 million (Rs 580 crore) in taxes by showing a phantom factory in Himachal Pradesh. The agency in mid-January sent out letters to several people, who could potentially be questioned, seeking details it needed "in connection with the investigation related to Mondelez India Food Private Ltd".
Wal-Mart Stores Inc., the world’s largest retailer, lowered its annual sales forecast after the strong dollar pulled down the value of overseas revenue.
The company now expects net sales growth to be flat this year, compared with a previous forecast for growth as high as 4 per cent, according to a statement Thursday.
The outlook signal that Wal-Mart still faces hurdles in bouncing back from several years of slumping growth. Its U.S. same-store sales increase also was slow last quarter, rising just 0.6 per cent.
The world's largest retailer faces new challenges at a time when low prices and one-stop shopping can be a few clicks away on a tablet computer or mobile phone. Wal-Mart Stores Inc. built its reputation on everyday low prices and convenient supercenters that allow customers to do all their shopping in one place.
In a recent research report, Piper Jaffray analyst Peter Keith said that Dollar General Corp. (NYSE:DG) would benefit the most from Wal-Mart’s decision to close some of its stores. His report was based on a geographic analysis.
Greg Foran, who takes charge of Wal-Mart Stores Inc.’s U.S. division on Aug. 9, inherits a chain wedded to an outdated big-box model, struggling to increase sales in its stores and online, and losing customers because it can’t keep stores adequately stocked. The sluggish U.S. performance contributed to lower-than-projected sales and profit in the quarter that ended April 30. Wal-Mart’s profit forecast for the current quarter also came in lower than analysts’ estimates.
Wal-Mart Stores Inc. is creating a new global compliance officer position following reports that the retailer covered up results of an internal probe proving that its Mexican subsidiary bribed officials there.