Wal-Mart expects to incur more costs in bribery probe
WAL-MART Stores, the world's largest retailer, said it expects to continue incurring costs related to its investigations of possible bribery in its international operations. The cost related to the probes was $157m (€122.9m) in the year ended January 31, the Bentonville, Arkansas-based company said in a filing with the US Securities and Exchange Commission.
Wal-Mart last year began investigating allegations that executives in Mexico paid more than $24m in bribes to speed the retailer's expansion there and has since said it also is probing operations in Brazil, India and China. The retailer said yesterday that it is spending money on its internal probes, responding to information requests from government investigators and defending shareholder lawsuits.
The shares fell 0.6pc to $74.34 in New York.
Wal-Mart has added 9.6pc this year, compared with an 11pc gain for the Dow Jones Industrial Average.