Walmart has now boosted massive compensation for workers in the United States after the company announced annual stock grants.
The annual stock grants vary by store format.
Walmart is adding $20,000 in stock grants to the annual compensation packages for its Supercenter store managers in the U.S., starting in April, Walmart U.S. CEO John Furner announced on Monday.
Managers of Walmart Neighborhood Market or Division 1 stores are eligible for $15,000 stock grants and managers of Hometown stores are eligible for $10,000 stock grants, according to an email from a Walmart spokesperson.
Last week, the company said it’s raising the average salary for store managers to $128,000 a year.
Store managers are now also eligible for annual bonuses of up to 200% of their salary.
Based on the new average salary, the highest annual bonus possible and the full $20,000 stock grant, a U.S.-based Walmart Supercenter manager could earn a whopping $404,000 — or more — annually.
CEO John Furner shared the news during the company’s beginning-of-year meeting in Houston and also in a video announcement posted to his personal LinkedIn page.
“A Walmart store manager is running a multimillion-dollar business and managing hundreds of people,” Furner said in the video.
“And it’s a far more complex job today than when I managed a store.
And we ask our managers to own their roles and to act like owners…They’ll literally be owners.”
Walmart hasn’t yet released its fourth-quarter or full-year earnings.
But in Q3, the company reported its global revenue rose to $160.8 billion, which was up 5.2% from the prior year.
Comparable sales for Walmart U.S. rose nearly 5% and net sales rose 4.4% to $109.4 billion, reports RetailDive.
Walmart has 3,560 U.S. Supercenters, 675 Neighborhood Markets, 361 Discount Stores and 20 small-format stores.
Along with 599 Sam’s Clubs, the company has about 5,215 U.S. retail locations overall, according to its website.
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Also Read: SNAP Benefits Will Now Increase For The Year 2024
Other Economy News Today
A home improvement retailer now closes all 157 stores and furloughs a whopping 700 employees, part of a plan to wind down operations.
Kelly-Moore Paints has suffered financial distress for years from paying out about $600 million in asbestos litigation claims and still faces millions of dollars more in payments from future asbestos claims, as well as unpaid taxes, according to a company statement.
Kelly-Moore, which operated in California, Nevada, Oklahoma and Texas, said in a statement that it would not file a Chapter 11 bankruptcy reorganization or Chapter 7 liquidation, since it does not have the capital to fund its continued operations, it leases all of its facilities, and it has no unencumbered hard assets that could be made available to distribute to creditors.
The regional paint store chain, which was founded in 1946, had moved its headquarters to Irving, Texas, in 2023 after operating from its main office in San Carlos, Calif., for 77 years.
The company had hired financial adviser firm Houlihan Lokey to help seek capital for a business turnaround and entertain offers from interested investors, but was unable to secure a letter of intent from any investor and failed to obtain additional funding to continue operations, reports TheStreet.
The company began closing its facilities on Jan. 12, including all of its retail stores and its manufacturing facility in Hurst, Texas, but said it would try to continue fulfilling previously placed customer orders from existing inventory at its Union City, Calif., distribution facility
Kelly-Moore said employees will be fully compensated for regular time worked, and management will continue its efforts to collect receivables to pay all accrued benefits including paid time off.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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