Walmart’s seemingly endless Foreign Corrupt Practices Act investigation and mounting expenses drew the attention of the New York Times again this week which explored arcane legal issues that have muzzled a former Walmart lawyer.
Walmart held its second U.S. Manufacturing Summit in Denver on Thursday and used the occasion to dole out the first of $10 million in grants designed to stimulate innovation and the creation of U.S. jobs.
In the alternative universe where Amazon resides, surging expenses that eat into the company’s profitability are viewed favorably. If Walmart were afforded the same treatment its stock would have surged after it was revealed increased labor, health care and e-commerce costs eroded second quarter profits.
Walmart met low second quarter sales and profit expectations it set for itself but significantly lowered its full year outlook due to a tepid third quarter sales forecast and increased e-commerce and health care costs.
The retail industry and many of those who work at Walmart are going to get a double shot of Greg Foran next week. The former international executive assumes his new role as CEO of the Walmart U.S. division as the retailer prepares to release second quarter results and host a major U.S. manufacturing summit.