Audio will be available later today. The companies say the bonuses they've announced are a way to share some of their bounty with their workers, though in some cases it's a very small percentage of their gains, and are less valuable to employees than permanent pay raises.
The store was closed Thursday to tell employees about the impending closure.
Assuming a 40-hour work week, the $300 million increase the company expects in its wage bill would suggest fewer than one in 10 USA staff will benefit directly.
Now that Walmart has begun closing 63 Sam's Club stores, many customers are left wondering what can they do about their membership fee.
We've reached out to Walmart representatives for comment and more specifics, but messages have not been returned. The tax rate for Walmart dropped from 35% to 21%.
With this move, the world's largest private employer has scored big points with Republican politicians, who now have a talking point for the campaign trail, and maybe also from shoppers who see its wage increase as socially responsible. "What's impossible to sort out is how much of this is because of savings from the tax cuts, and how much is because of pressure they're receiving from employees and labor groups". In 2015, Walmart raised its minimum hourly wage to $9, and in 2016 to $10 for workers who complete a training course. And if that didn't put enough heat on Walmart, Target also said it plans to pay workers a minimum of $15 by 2020. "The one-time bonus I'll be getting won't help me long term". Factor in the one-off bonuses the company is paying to some staff, at a total cost of $400 million, and the Beast of Bentonville is giving back only around one-third of what it could save in tax.
Delia Garcia, a spokeswoman for parent company Walmart in Phoenix, said, "Obviously, it's a hard decision". Full-time hourly and salaried workers will also receive 10 weeks of paid maternity leave and six weeks of paid parental leave. For 2016, the company reported $485.87 billion in annual revenue on profits of $13.64 billion. One-time bonuses will be handed out based on tenure; employees who've worked for the company for 20 years will get the full $1000.