Wal-Mart receives notice from India government agency on investment violations
New York — According to multiple reports on Thursday, Wal-Mart Stores Inc.’s India unit has received a notice from a federal government agency regarding alleged violations of the country’s foreign investment rules.
A spokesman for Wal-Mart said: “We will be working to provide the authorities with relevant information,” but didn’t elaborate on the contents of the notice.
Bharti Walmart Pvt. Ltd., a joint venture between Wal-Mart and India’s Bharti Enterprises Ltd., operates 20 wholesale stores in the country.
The investigation launched after a complaint in September by a local politician, who alleged that a Wal-Mart unit in 2010 purchased $100 million of convertible debentures in a company through which Bharti Enterprises controls the Easyday supermarket chain.
The complainant – M.P. Achuthan – alleged the transaction was illegal because the money was used by Bharti to fund investments in its supermarkets.
Pier 1 Q3 profit rises 3%
Fort Worth, Texas — Pier 1 Imports reported Thursday that net income for the third quarter rose 3% to $23.7 million, compared with $23 million in the year-ago period. Results matched Wall Street expectations.
Revenue rose 11% to $424.5 million from $382.7 million, beating analysts’ expectations of $422.2 million in revenue. Same-store sales increased 7.9%.
Walmart considering acquiring stake in Turkish retailer
New York — A Thursday report by the Financial Times said that Wal-Mart Stores Inc. is in discussions with Turkish retailer Migros Ticaret AS to acquire an 80% stake in the company from London-based private equity group BC Partners.
The Times said that Walmart held meetings with Migros managers in recent days in Turkey but it had not placed a bid for the Turkish retailer. Sources have not been identified and Wal-Mart so far has not commented.