Stock drops 10% on earnings drop
Walmart has its worst stock decline in more than 27 years after predicting a drop in annual profit. Earnings will decrease 6 percent to 12 percent in fiscal 2017, which ends in January of that year. Analysts had estimated a gain of 4 percent on average. Efforts to raise the minimum wage to a goal of $10/hr combined with an expanded training program, added about $1 billion in costs this year and $1.5 billion next year. Shares fell 10 percent to $60.03 in New York, the biggest drop since January 1988.
To cut hundreds of headquarters jobs
Walmart is planning to lay off less than 500 people out of 18,000 at its headquarters in Arkansas as part of the retail giant’s efforts to cut costs
Stops selling AR-15
Walmart says it will stop selling “modern sporting rifles” such as the AR-15 and other semi-automatic rifles because of sluggish demand and focus instead on “hunting and sportsman firearms.” The class of rifle was sold in fewer than a third of its roughly 4,500 U.S. stores. The company says the decision was unrelated to and shooting incidents.
This is done solely on what customer demand was. We are instead focusing on hunting and sportsman firearms.
NTSB report: Roper at fault
The NTSB rules that Roper is at fault for the fatal accident that killed comic James McNair and seriously injured Morgan. Their report says Roper had driven 800 miles before even reaching Walmart’s distribution center and at the time of the crash and had been up for 28 hours straight. Roper also failed to wear a seat belt and was traveling 20 miles per hour above the 45-mph speed limit when he hit the tour van carrying Morgan and six others. Morgan and the other passenger’s injuries were made worse because all but one of the van’s occupants was wearing a seat belt. The van had also been modified. NTSB Chairman Hart:
The passengers … had no available exits until emergency responders removed part of a plywood panel that had been installed between the passenger compartment and the cab. [The only other way of exiting, a sliding door] had become inoperable in the crash.
NTSB investigators recommended that Wal-Mart improve fatigue management programs for drivers and install better vehicle warning systems for drivers and delivery operators.
Walmart removes any and all items made from or containing depictions of the Confederate flag. They apologise for the inclusion of such products in their range.
We never want to offend anyone with the products that we offer. We have taken steps to remove all items promoting the confederate flag from our assortment, whether in our stores or on our website
One dead, officer shot in parking lot brawl0 Comments
Eight police officers and a Walmart employee are assaulted in a Walmart parking lot in Cottonwood, Arizona after police were called in because a suspect had shoved a female Walmart employee in a store bathroom. When police officers arrived, the suspects were in the parking lot and they attacked the officers. One suspect was shot and killed, another was shot in the abdomen. Seven were arrested. One officer was shot in the leg, while the other officers suffered cuts and bruises. The suspects are members of the same family who had been staying for at least four days in a vehicle camped in the parking lot.
We do believe that there was a struggle for an officer’s weapon, there is an ongoing investigation on that.
Meth lab found in restroom0 Comments
Police find an active meth lab inside a backpack in an Indiana Walmart restroom. The lab was dismantled, and the chemicals were removed from the store. Police said the men’s and women’s restrooms would have to be decontaminated before they could be reopened. No arrests have been made.
Raising wage floor
Walmart announces it will give raises to an estimated 500,000 employees in an effort to raise its wage floor to $10 per hour. CEO McMillon:
Overall, these are strategic investments in our people to reignite the sense of ownership they have in our stores. As a result, we firmly believe that our customers will benefit from a better store experience, which can drive higher sales and returns for our shareholders over time.
Wage increase protests0 Comments
Group protesters demand wage increases of $15.00 per hour and consistent full time hours. Employees call for an end of retaliation from management for speaking out. Brooke Buchanan, Walmart spokeswoman:
Perception is not reality in this case year after year we see the labor union and paid organizers promising they’ll be out in force. And every year, we see a handful of people at a handful of stores.
Workers launch black friday strike0 Comments
Walmart workers in six states submit strike notices to their bosses ahead of the Black Friday shopping day, asking for better wages and hours. Walmart truck unloader, Charles Brown:
I plan to miss three shifts this week to take part in the demonstrations. They need to know they don’t have anything to be afraid of. If we don’t stand up, no one else is going to stand up for us.
Matches Walmart market cap
Alibaba’s market cap reaches a high of $248.15 billion compared with Walmart’s high of $247.5 billion intraday. At market close the two retailers are around equal at $246 billion. Alibaba’s shares closed up 1.9% at $99.68, 47% higher since the IPO.
Boy camps in store for days0 Comments
A 14-year-old boy camps out in a Corsicana, Texas, Walsmart behind the baby and home goods aisles. Customers never noticed two hidden compounds where the boy was able to store necessities, sleep in a makeshift bed and and eat items taken from inside the store. To avoid drawing attention to himself to use the bathroom, the teen put on adult diapers.
According to Corsicana Police, the boy ran away from his aunt’s home, where he was staying while his parents were out of town. When police contacted the boy’s mother, she told them he has a history of running away and has hidden in abandoned houses, businesses and creeks in the past. Walmart will not be pressing charges against the teen. He was discovered when a trail of garbage led to his hideout.
Morgan sues Walmart over the crash in New Jersey that left him and several others critically injured and killed James McNair. The complaint was filed in the US District Court in New Jersey this week. A Walmart truck traveling 20 miles over the speed limit with a driver operating at almost over his sleep time limit rear-ended the limo bus. The complaint states:
The defendants’ negligence was a substantial contributing factor in causing plaintiffs’ injuries.
The president praises the new steps taken by businesses and communities combating climate change in the aisle between women’s wear and patio lighting at a Silicon Valley Walmart.
The commitments we’re announcing today prove that there are cost-effective ways to tackle climate change and create jobs at the same time.
Access to Open Hours program0 Comments
Walmart launches Access to Open Shifts which lets workers sift the internal scheduling system for available slots. The program helps part timers work their way closer to full time shifts. Maya’Neisha Johnson, Walmart employee:
I’ve added anywhere from five to 12 hours a week. It gives you a feel for working in other departments … It’s like building a resume.
Unfair labor practices0 Comments
The UFCW files unfair labor practice charges against Walmart with the National Labor Relations Board. The store illegally punishes workers with low wages and long hours in several states. Glova Scott, Walmart employee:
It’s hard. We work in an atmosphere where the pay doesn’t make ends meet, and a lot of my co-workers think the solution is to look for another job rather than try to improve conditions.