Wal-Mart Stores Inc Chief Executive Doug McMillon's pay rose slightly to $19.8 million in the year ended January 31, a regulatory filing on Wednesday showed, even as profit at the world's largest retailer fell on higher costs.
Wal-Mart Stores Inc Chief Executive Doug McMillon’s pay rose slightly to $19.8 million in the year ended January 31, a regulatory filing on Wednesday showed, even as profit at the world’s largest retailer fell on higher costs.
The total compensation, which includes cash and stock, compared with the $19.4 million he made the previous year, according to the filing to the U.S. Securities and Exchange Commission.
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McMillon, 49, took over the top job at Wal-Mart in February 2014.
Last fiscal year Wal-Mart’s operating income fell 11 percent to $24.1 billion and sales dropped 0.7 percent to $482 billion, reflecting a $1 billion outlay to raise entry-level wages and a firmer dollar, which cut into the value of overseas sales.
Excluding the impact of currency, Wal-Mart said its sales rose 2.8 percent to $499.4 billion.
The retailer’s core U.S. operations have shown some improvement, with sales at existing stores rising 1 percent in the last fiscal year, excluding fuel. The company has said it believes its investments in wages and training have led to better customer service at its more than 5,000 U.S. stores, including the Sam’s Club warehouse chain.
Greg Foran, head of the U.S. business, saw his total compensation fall to $11.5 million from $19.5 million, as his stock awards were cut by more than half.