Corporate Statement Issued by Walmart Inc. dated June 28, 2022 in response to a Complaint filed by the Federal Trade Commission (the “FTC”) against the Company involving Money Transfer Services

Rhea-AI Summary

The Federal Trade Commission (FTC) has filed a civil lawsuit against Walmart, claiming fraud linked to another company under government oversight. Walmart asserts that the FTC's case lacks basis and is an overreach of authority. The company emphasizes its commitment to anti-fraud measures, which have saved consumers around $6 billion in money transfer fees. With FY 2022 revenues of $573 billion and a workforce of approximately 2.3 million, Walmart continues to lead in retail and sustainability efforts.

Positive

• Walmart's anti-fraud initiatives have saved consumers an estimated $6 billion in money transfer fees.
• Fiscal year 2022 revenue reached $573 billion, indicating strong financial performance.
• Walmart employs approximately 2.3 million associates, showcasing its significant job creation.

Negative

• The FTC's lawsuit may lead to legal expenses and potential reputational damage.

BENTONVILLE, Ark.--(BUSINESS WIRE)-- A narrowly divided Federal Trade Commission (“FTC”) brought this factually flawed and legally baseless civil lawsuit after the Chair refused Walmart the due process of hearing directly from the company, and even the Justice Department refused to take this case to court.

Claiming an unprecedented expansion of the FTC’s authority, the agency seeks to blame Walmart for fraud that the agency already attributed to another company while that company was under the federal government’s direct supervision.

Walmart will defend the company’s robust anti-fraud efforts that have helped protect countless consumers, all while Walmart has driven down prices and saved consumers an estimated $6 billion in money transfer fees.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better — anytime and anywhere — in retail stores, online, and through their mobile devices. Each week, approximately 230 million customers and members visit more than 10,500 stores and clubs under 46 banners in 24 countries and eCommerce websites. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220628006156/en/

Randy Hargrove

Sr. Director, Global Communications

800-331-0085

Source: Walmart Inc.

FAQ

What is the recent lawsuit against Walmart related to?

The FTC has filed a lawsuit claiming fraud that Walmart contests as factually flawed and outside the agency's authority.

How much has Walmart saved consumers in money transfer fees?

Walmart has saved consumers an estimated $6 billion in money transfer fees through its anti-fraud efforts.

What were Walmart's fiscal year 2022 revenues?

Walmart reported fiscal year 2022 revenues of $573 billion.

How many associates does Walmart employ worldwide?

Walmart employs approximately 2.3 million associates globally.

What does Walmart say about the FTC's lawsuit?

Walmart describes the FTC's lawsuit as baseless and seeks to defend its anti-fraud efforts against the claims.