Wal-Mart employees whoop, holler at annual meeting
FAYETTEVILLE, Ark., June 6 (Reuters) - Is it a sporting event, a pep rally, a rock concert? No, it's Wal-Mart Stores Inc's (WMT.N) annual shareholders meeting, an over-the-top extravaganza designed to boost morale and the public image of the world's largest and most controversial retailer.
This year's four-hour sound-and-light presentation, held on Friday, featured Wal-Mart's top brass as well as performers like Master of Ceremonies Queen Latifah and country star Tim McGraw.
On every possible occasion, the morning's speakers drove home the company's motto: "Saving people money so they can live better."
Wal-Mart employees, who are known as "associates," were flown in from around the United States and the world. Filling the 16,000-seat University of Arkansas arena, they kept up a constant din of cheers, whoops and applause as flags waved from countries as far away as Argentina, China, Brazil and Mexico.
Sustainability and community patronage were the order of the day for Wal-Mart, which critics have accused of destroying local business while underpaying employees. Executives praised the company's recent efforts with disaster relief in China and Mexico as well as wildfires in the United States.
Wal-Mart, which operates in 13 markets outside the United States, managed to put a less fearsome spin on globalization as a song with a refrain of "One World" accompanied video images of smiling workers around the world.
In a nod to the Olympics, representatives from each country took to the stage with a placard proclaiming their nation of origin.
The crowd was feted by performances by trapeze artists and drummers, British singer Joss Stone and "Dreamgirls" star Jennifer Hudson, who called herself a Wal-Mart fan. Newly crowned American Idol winner David Cook recounted how he killed time during college in Missouri by hanging out in the toy section of a Wal-Mart.
But eventually the entertainment gave way to financial updates by company executives speaking from the large stage and helped by a TelePrompTer that most of the audience could not see.
Chief Financial Officer Tom Schoewe, standing in front of video screens with charts showing rising sales and profits, said he had "the best job in the company. I get to share these great results."
That is a sharp reversal from a year ago, when Wal-Mart faced anemic U.S. sales growth while being battered by negative publicity, especially over a scandal involving an ex-marketing communications chief who was fired after less than a year on the job.
Moreover, critics continued to badger the company for the pay and health benefits given to its nonunion employees.
Chief Executive Lee Scott did not address these criticisms, but said the company's financial improvement since 2007 was outstanding.
"All of this success feels good, doesn't it?" he told the cheering crowd. "You bet it does."
And the shouts, whoops and applause continued. (Editing by Lisa Von Ahn) (Reporting by Alexandria Sage tel 213-955-6781 alexandria.sage@thomsonreuters.com)
