Wal-Mart Stores Inc (WMT.N) is "exploring opportunities in Russia," the head of its international operations said on Friday.
Mike Duke made the comments at Wal-Mart's annual shareholders meeting, where the retailer touted the growth potential of its international business.
Wal-Mart, the world's largest retailer, currently operates in 13 markets outside of the continental United States, including Japan and China. It also has established a joint venture in India.
Duke's remarks are the latest in a series of statements indicating the company's interest in expanding into Russia. In May, Duke said Wal-Mart was taking "active steps" to research Russia and nearby countries in Eastern Europe.
"We see this area offering Wal-Mart an opportunity to create value and service the emerging middle class," he said on a recorded call after the retailer reported first-quarter results.
CEO Lee Scott has also voiced his interest in Russia. In October, at the company's analyst meeting, Scott said Wal-Mart hoped to be in that country "at some point in the future."
Scott called Russia a "growing consumer nation." He said consumers there have shown a propensity to spend while in other developing countries they tend to save.
Russia's corruption + Walmart. Oh *insert Russophonic explicative*!
