Walmart plans $15 bn more in stock buybacks

The company brought the usual star power to its annual shareholder meeting,with “X-Men” and “Les Miserables” star Hugh Jackman hosting and singer John Legend entertaining.

But the festivities took a serious turn as shareholders in the audience stood to make proposals related to safety in Bangladeshi factories,Walmart’s Mexican bribery scandal and executive paycheques.

The company is facing pressure to increase its oversight of factory conditions abroad following a building collapse in April in Bangladesh that killed more than 1,100 garment workers. The discounter,based in Bentonville,Arkansas,is also under scrutiny for how it treats its workers.

Those problems are happening as Walmart Stores Inc is wrestling with slower sales growth.

Walmart’s annual meeting,at the University of Arkansas at Fayetteville’s Bud Walton Arena,attracts thousands of investors and has historically had the air of a giant pep rally.

Walmart is considered an economic bellwether because it accounts for nearly 10 per cent of nonautomotive retail spending in the US.

The company’s first-quarter results,reported last month,showed that its low-income shoppers remain under stress. US Walmart stores account for 59 per cent of the company’s total sales,which reached $466.1 billion for the year ended Jan 31,excluding revenue from membership fees from its Sam’s Club division.

Facing the heat

* Walmart faces increasing scrutiny from investors over how it has handled allegations of bribery in its Mexican operations that surfaced a year ago

* It also faces pressure to increase its oversight of factory conditions abroad following a building collapse in Bangladesh that killed more than 1,100 garment workers