retail news in context, analysis with attitude

Forbes reports that Walmart, in addition to installing solar panels on 100 of its stores in California, is building "a 265-foot-high wind turbine" outside one of its distribution centers, in Red Bluff, California. When completed, the wind turbine is expected to provide up to one-fifth of the warehouse's electricity.

It is described as "Walmart’s first such installation and the next stage in the company’s efforts to eventually obtain 100% of its energy from renewable sources," and Greg Pool, a director of energy for Walmart, says, "It looks like our renewable energy strategy is going to take a lot of tools ... We are pursuing wind energy and renewable energy at a lot of different levels."

Reuters reports that the US Securities and Exchange Commission (SEC) has asked Walmart to "add more detail on legal proceedings and cyber security" in the wake of an ongoing investigation into alleged bribery schemes reported by the New York Times in the company's Mexico operations.

According to the story, "the SEC asked the world's largest retailer to provide greater detail about the outcome of legal proceedings, such as the range of a possible loss from litigation. If no range could be provided, the SEC asked that Wal-Mart provide a reason why such an estimate could not be given."

Wal-Mart has told the SEC, the story says, "that it would change the disclosure. Instead of reading: 'While management cannot predict the ultimate outcome of these matters, management does not believe it will have a material effect on the Company's financial condition or results of operations,' it will now read: 'Management does not believe any possible loss or the range of any possible loss that may be incurred in connection with this matter will be material to the Company's financial condition or results of operations'."

Wal-Mart also reportedly said that "it would update disclosures related to the Foreign Corrupt Practices Act matter if any material development occurred."
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