BUSINESS
02/28/2013 11:19 am ET

Walmart U.S. CEO Bill Simon Tells Execs 'Self-Inflicted Wounds' Are Walmart's 'Biggest Risk': Report

Following reports of declining sales, Bloomberg revealed more troubling news about the world's largest retailer on Thursday.

Walmart is having trouble keeping its shelves stocked, according to Bloomberg, which obtained minutes from a Feb. 1 company meeting. Bill Simon, CEO of Walmart U.S., reportedly told company executives at the meeting that he is concerned Walmart does not restock its shelves quickly enough.

"Self-inflicted wounds" are Walmart's "biggest risk," Simon reportedly said. He added that he had appointed an executive vice president specifically to address restocking, according to Bloomberg.

Walmart spokesman David Tovar told The Huffington Post that the Bloomberg report is "completely inaccurate."

The minutes "were personal notes from a meeting. They were not official company minutes. And they were one person's opinions, and they do not reflect direct quotes from Bill Simon or any other participant in that meeting," Tovar said. "We are very pleased with our in-stock levels. They are at historically high levels."

Earlier this month, Bloomberg reported that Walmart was worried about declining sales after the Jan. 1 payroll tax hike. Jerry Murray, a Walmart vice president of finance and logistics, wrote in a recent email that February sales were "a total disaster," according to Bloomberg.

It's been a rough year for Walmart. The New York Times uncovered last year that Walmart allegedly bribed Mexico officials in order to expand in the country. And a Bangladesh factory where a recent fire killed 112 employees was a Walmart supplier.

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