Apr 22, 2016

    Walmart CEO's pay rises even as profit slides

    Walmart's chief executive Doug McMillon's pay rose slightly to US$19.8 million (S$26.6 million) in the year ended Jan 31, a regulatory filing on Wednesday showed, even as profit at the world's largest retailer fell on higher costs.

    The total compensation, which includes cash and stock, compared with the US$19.4 million he made the previous year, according to the filing to the United States Securities and Exchange Commission.

    Mr McMillon, 49, took over the top job at Walmart in February 2014.

    Last fiscal year, the company's operating income fell 11 per cent to US$24.1 billion and sales dropped 0.7 per cent to US$482 billion, reflecting a US$1 billion outlay to raise entry-level wages and a firmer dollar, which cut into the value of overseas sales.

    Excluding the impact of currency, Walmart said its sales rose 2.8 per cent to US$499.4 billion.

    The retailer's core US operations have shown some improvement, with sales at existing stores rising 1 per cent in the last fiscal year, excluding fuel.

    The company has said it believes its investments in wages and training have led to better customer service at its more than 5,000 US stores, including the Sam's Club warehouse chain.