Key Developments: Wal-Mart Stores Inc (WMT)

WMT on New York Consolidated

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22 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Walmart Stores Inc Pleads Guilty In U.S. Hazardous Waste Cases, To Pay $82 Million-Reuters
Tuesday, 28 May 2013 04:47pm EDT 

Reuters reported that Walmart Stores Inc on May 28, 2013 said it would pay nearly $81.63 million to the federal government as it pleaded guilty to charges that it improperly discarded hazardous waste such as bleach and fertilizer years ago. The U.S. Department of Justice said that in cases filed by federal prosecutors in California, Wal-Mart pleaded guilty to six counts of violating the Clean Water Act by illegally handling and disposing of hazardous materials at U.S. stores. The retailer also pleaded guilty in Kansas City, Missouri to violating the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA) by failing to properly handle pesticides that had been returned by customers, the Justice Department said in a statement. The issues involve prior practices such as throwing out lawn products such as fertilizer and pesticides in the trash rather than through a certified hauler. As part of the California plea agreement, Wal-Mart is set to pay a $40 million criminal fine and to pay $20 million to fund community service projects including helping U.S. retailers learn how to properly handle hazardous waste. As part of the Missouri plea agreement, Wal-Mart is set to pay an $11 million criminal fine and to pay $3 million to the Missouri Department of Natural Resources. Wal-Mart also plans to pay a $7.628 million civil penalty to the federal government.  Full Article

Wal-mart Stores Inc Issues Q2 2014 EPS Guidance Below Analysts' Estimates
Thursday, 16 May 2013 07:00am EDT 

Wal-mart Stores Inc announced that for second quarter of 2014, it expects EPS to be in the range of $1.22 to $1.27. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.29 for second quarter of 2014.  Full Article

WalMart Stores Inc Launches $5 Billion Four-part Bond Issue-Reuters
Thursday, 4 Apr 2013 01:50pm EDT 

Reuters reported that WalMart Stores Inc has launched a $5 billion four-part bond issue with a similar structure to a deal the Company did in 2011. The retailer is planning to sell $1 billion of three-year notes at Treasuries plus 30 basis points, $1.25 billion of five-year notes at Treasuries plus 45bp, $1.75 billion of 10-year notes at Treasuries plus 82bp and $1 billion of 30-year notes at plus 102bp. The shorter tranches were slightly tighter than initial price thoughts. Proceeds of the deal, led by active joint books Barclays, Citigroup and Morgan Stanley, will be used for general corporate purposes. That deal consisted of a $1 billion 1.625% three-year at plus 40bp, a $1 billion 2.8% five-year at plus 57bp, a $1 billion 4.25% 10-year at plus 75bp, and a $2 billion 5.625% 30-year at plus 110bp.  Full Article

Wal-Mart Stores Inc Increases Annual Dividend 18% To $1.88 Per Share
Thursday, 21 Feb 2013 07:04am EST 

Wal-Mart Stores Inc announced that the Board of Directors approved an annual cash dividend for fiscal year 2014 of $1.88 per share, an increase of approximately 18% from the $1.59 per share paid during fiscal year 2013. The fiscal year 2014 annual dividend of $1.88 per share will be paid in four quarterly installments of $0.47 per share. The record dates are on March 12, 2013, May 10, 2013, August 9, 2013 and December 6, 2013. The dividend will be paid on April 1, 2013, June 3, 2013, September 3, 2013 and January 2, 2014.  Full Article

Wal-Mart Stores Inc Issues Q1 2014 EPS Guidance Below Analysts' Estimates; Issues FY 2014 EPS Guidance In Line With Analysts' Estimates
Thursday, 21 Feb 2013 07:00am EST 

Wal-Mart Stores Inc announced that it expect first quarter 2014 EPS to range between $1.11 and $1.16 and fiscal 2014 EPS to range between $5.20 and $5.40, which includes increased fiscal 2014 costs of around $0.09 per share for its e-commerce operations. Fiscal 2014 EPS guidance assumes that currency rates remain at today's levels and takes into account the Company's forecast for the annual effective tax rate to range between 32.0% and 33.0%. Additionally, the company's guidance considers the costs associated with the FCPA and compliance matters, which are estimated to be approximately $40 to $45 million for the first quarter of fiscal 2014. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $1.18 for the first quarter of 2014 and EPS of $5.37 for fiscal 2014.  Full Article

Robbins Geller Rudman & Dowd LLP Announces Appointment As Lead Counsel In Suit Against Wal-Mart Stores Inc
Friday, 28 Dec 2012 06:58pm EST 

Robbins Geller Rudman & Dowd LLP announced that the firm was appointed as lead counsel in a securities class action captioned City of Pontiac General Employees` Retirement System v. Wal-Mart Stores, Inc., Case No. 5:12-cv-5162-SOH, pending in the Western District of Arkansas. The City of Pontiac General Employees` Retirement System was appointed as lead plaintiff in this action on behalf of purchasers of Wal-Mart Stores Inc common stock between December 8, 2011 and April 20, 2012 (the Class Period) who suffered losses in connection therewith, including Class Period purchasers who sold those shares between April 23, 2012 and May 21, 2012. The action alleges that Wal-Mart and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose that Wal-Mart and its executives were involved in a multi-million-dollar bribery scheme at the Company's Mexican subsidiary, Wal-Mart de Mexico (Wal-Mart Latin America). The complaint alleges that defendants knew, but concealed from the investing public during the Class Period, that the Company had violated the Foreign Corrupt Practices Act in connection with the bribery payments and that Wal-Mart management did not address ethical concerns in a 'timely and effective manner' as represented by defendants. Wal-Mart is the subject of a probe in Mexico by Mexican authorities and the subject of criminal and congressional investigations in the United States.  Full Article

Wal-Mart Stores Inc Changes Fourth Quarter Dividend Payment Date
Monday, 19 Nov 2012 08:45am EST 

Wal-Mart Stores Inc announced that change in the payment date of the Company`s regular quarterly shareholder dividend of $0.3975 per share to Dec. 27, 2012. This fourth quarter installment of the Company`s current annual dividend rate of $1.59 was previously scheduled to be paid on Jan. 2, 2013. The record date associated with this dividend payment remains unchanged at Dec. 7, 2012. The Board of Directors approved on March 1, 2012, an annual dividend of $1.59 per share, which was approximately a 9 % increase from the $1.46 per share paid during the previous fiscal year.  Full Article

Wal-Mart Stores Inc Files US Labor Charge Against Union-Reuters
Saturday, 17 Nov 2012 07:01pm EST 

Reuters reported that Wal-Mart Stores Inc is taking its first legal step to stop months of protests and rallies outside Walmart stores, targeting the union that it says is behind such actions. Wal-Mart filed an unfair labor practice charge against the United Food and Commercial Workers International Union, or UFCW, asking the National Labor Relations Board to halt what the retailer says are unlawful attempts to disrupt its business.  Full Article

India investigates Wal-Mart Stores Inc Over Stake In Local Unit-Reuters
Friday, 16 Nov 2012 04:27am EST 

Reuters reported that Indian authorities are investigating claims that Wal-Mart Stores Inc violated foreign exchange rules when it invested $100 million in a domestic unit owned by its wholesale joint-venture partner, a law enforcement official said. An Indian lawmaker first raised the allegations in a letter to the prime minister in early September, 2012 and the complaint was subsequently passed from one government department to another without action being taken. Wal-Mart has denied any wrongdoing. The allegations relate to the Company's complex investment through debentures which could later be converted to an equity stake at a time when direct ownership by foreign firms was prohibited.  Full Article

Wal-Mart Stores Inc Issues Q4 2013 EPS Guidance Below Analysts' Estimates; Raises Low End Of Prior FY 2013 EPS Guidance
Thursday, 15 Nov 2012 07:04am EST 

Wal-Mart Stores Inc announced that for the fourth quarter of 2013, it expects diluted earnings per share (EPS) from continuing operations to range between $1.53-$1.58. This compares to last year's fourth quarter reported EPS of $1.51. For fiscal 2013, it is tightening and reaffirming the top end of earnings per share guidance to a range of $4.88-$4.93. This compares to the previous guidance of $4.83-$4.93. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.59 for the fourth quarter of 2013.  Full Article

Wal-Mart's South African unit Massmart says H1 profit down 25 pct

JOHANNESBURG, Aug 28 - South African retailer Massmart reported a 25.2 percent fall in half-year profit on Thursday as debt-laden consumers battling rising living costs cut back on spending.

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