The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BENTONVILLE, United States — Walmart Inc said on Tuesday it would spend another $428 million on bonuses this year, to compensate its US employees for catering to a surge in demand for essential goods during the Covid-19 pandemic.
The United States' largest employer said the new spending brings the total expenditure on employee bonuses to $1.1 billion this year.
Walmart, like other essential retailers, has seen a spike in demand for groceries and has had to add hundreds of thousands of new hourly workers to keep up. However, those costs as well as the expenditure to keep stores operating safely have pressured its profit margins.
The company said full-time hourly employees will get a $300 bonus, while part-time and temporary employees will get $150, adding that drivers, managers and assistant managers will also receive a bonus.
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The world's largest retailer also said it would close its own and Sam's Club outlets on Thanksgiving day this year.
By Uday Sampath; editor: Amy Caren Daniel.
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.