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Wal-Mart Stores Inc. to award billions to American hourly workers

2009-03-19 19:23:05 (GMT) (Caymanmama.com - Business News)

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A typical Wal-Mart store in Moncton, New Brunswick

In a recent memo to company employees, CEO Mike Duke said Wal-Mart will award approximately $2 billion to American hourly employees, to include financial incentives and millions in bonuses.

Norfolk, Virginia (CaymanMama.com) — Despite the nationwide recession, Wal-Mart Stores Inc. has fared rather well and gaining market shares.

In a recent memo to company employees, CEO Mike Duke said Wal-Mart will award approximately $2 billion to American hourly employees, to include financial incentives like $933.6 million in bonuses, $788.8 million in profit sharing and 401(k) contributions, millions of dollars in merchandise discounts, and contributions to its employee stock purchase plan.

“While economic challenges forced others to step back, we moved forward,” Duke said.

He added that Wal-Mart must now “accelerate and broaden all of our efforts.”

According to Reuters, “As consumers seek to stretch limited budgets, they are increasingly heading to Wal-Mart’s U.S. stores for discounts on everything from food to televisions. Wal-Mart is also aggressively touting its low prices to attract shoppers, and the retailer said on Thursday that it is cutting prices on contact lenses and children’s glasses.”

These aggressive efforts are helping the retail giant to gain market share while other American retailers are seeing a fall in sales as shoppers opt out of splurging on luxuries.



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