By Josh Beckerman 

Wal-Mart Stores Inc. said Chief Executive Doug McMillon's total compensation for the year ended Jan. 31 was valued at $19.4 million, down 24% from $25.6 million in the previous year.

His base salary increased to $1.2 million from $954,408, while stock awards were lower and non-equity incentive-plan compensation increased.

The company said its performance "did not meet the challenging targets" established at the beginning of fiscal 2015, resulting in short- and long-term incentive pay below target levels. The company said it "fell short" of operating income, sales and return on equity targets.

Compensation for Greg Foran, who became the company's U.S. head last year, was valued at $19.5 million, with components that included an $846,910 base salary, a $500,000 bonus and $15.8 million of stock awards. Chief Financial Officer Charles Holley's compensation was valued at $7.4 million, down from $8.2 million the previous year.

Mr. McMillion and Mr. Foran have been working to turn around U.S. operations, with efforts including a push for suppliers to reduce the cost of their products.

The company has been hurt by trends including shoppers favoring smaller and more conveniently located stores or making purchases online.

For its quarter ended Jan. 31, Wal-Mart reported earnings of $4.97 billion, up from $4.43 billion a year earlier. Revenue rose 1.4% to $131.6 billion as customer traffic grew for the first time in more than two years, helped by lower gasoline prices.

Wal-Mart also said Wednesday that Douglas Daft, a board member since 2005 and a former chief executive of Coca-Cola Co., will retire from the board.

Write to Josh Beckerman at josh.beckerman@wsj.com

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