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Strong Wal-Mart profit trumps bribery probe concerns
Sunday, May 20, 2012 8:38 AM
Posted by pubudu
Wal-Mart Stores Inc's profit and sales surpassed expectations as more people shopped at its established U.S. stores and spent more, pushing shares up more than 4 percent despite ongoing internal and government probes into possible bribery. Wal-Mart's shares jumped and briefly recovered all of the 8.2 percent plunge sustained after an April 21 New York Times report uncovered an alleged past bribery scheme in Mexico that the newspaper said Wal-Mart executives knew about. The first-quarter results, including a 10.1 percent increase in profit, showed that Wal-Mart's U.S. ...
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