Walmart International focusing on growing existing business
Thu, 04/12/2012 - 12:46 EDT - Financial Post
Wal-Mart Stores Inc. is focused on improving results in China and other foreign countries where it already operates, its top international executive said on Thursday, with a special emphasis on expansion in Canada
(Reuters) - Wal-Mart Stores Inc is focused on improving results in China and other foreign countries where it already operates, rather than on entering new markets, its top international executive said on Thursday.
TORONTO – Walmart Canada’s market share just keeps growing, but its drive to expand in a hypercompetitive retail sector weighed on the company’s quarterly results Thursday, which marked the mass merchant’s sixth-consecutive quarter of falling same store-sales and traffic.
The retailer saw an overall revenue gain of 1.2% in the period, while same-store sales, a key retail industry bellwether that strips out the effects of added square footage year-over-year, fell 1.4%.
Wal-Mart Stores, Inc. (WMT) announced yesterday that it is launching its own money-transfer service on April 24, 2014. The service, dubbed Walmart-2-Walmart, offers direct competition to The Western Union Company (WU) and MoneyGram International Inc (MGI), two dominant players in the money transfer business.
Wal-Mart Stores Inc., the world’s largest retailer, hired Delhaize Group SA executive Dirk Van den Berghe to lead its Canadian operations.
Van den Berghe has 30 years of international business experience and most recently led food retailer Delhaize’s operations in Luxembourg and its home country of Belgium, Wal-Mart said Thursday in a statement. He’ll officially become chief executive officer of Wal-Mart Canada on Aug. 1.
Wal-Mart Stores, Inc. (WMT) was down 0.8% yesterday, following the news that the CEO of its US division Bill Simon is being replaced by Greg Foran, who has been the CEO and president of Walmart China since 2012. Foran is expected to take charge of Walmart US from August 9, and will report directly to the president and CEO of Walmart Doug McMillon.
By Nandita Bose and Adam RoseMUMBAI/BEIJING (Reuters) - Wal-Mart Stores Inc, famed for its low prices, has stumbled in the one major market where consumers say price is less of a driver in their buying decisions: China.
Target's $4.4 billion expansion into Canada is failing. Losses from the chain's Canadian business are expected to reach $2 billion this year, after Target promised investors it would be profitable by the end of 2013.