WalMart Stores Inc. is awarding roughly $2 billion (U.S.) to its hourly employees at American locations through financial incentives, including $933.6 million in bonuses distributed yesterday.
About a million employees will share in the windfall.
The world's largest retailer announced earlier it had gained market share by emphasizing low prices amid a recession.
In a memo to employees obtained by Reuters, CEO Mike Duke itemized the shower of gratitude: $933.6 million in bonuses, $788.8 million in profit sharing and retirement plan contributions, millions of dollars in merchandise discounts and contributions to its employee stock purchase plan.
"While economic challenges forced others to step back, we moved forward," Duke stated in the memo.
Duke said WalMart now needs to "accelerate and broaden all of our efforts."
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