Shareholders celebrate Wal-Mart
Posted on Saturday, June 7, 2008
Seemingly immune to the economic woes of the country, the world’s biggest retailer spared no expense on enter taining about 17, 000 people at its annual shareholders meeting Friday in Bud Walton Arena.
The event roared to life at 7 a. m. with Brazilian drummers and elaborate acrobatics engaging the cheering crowd.
Throughout the fourhour meeting, Master of Ceremonies Queen Latifah introduced soul singer Joss Stone, “ Dreamgirls” star Jennifer Hudson, American Idol winner David Cook and country music star Tim McGraw.
But the entertainment acts weren’t the only thing to illicit cheers from the crowd.
Chief Financial Officer Tom Schoewe told shareholders that the profits increased by 5. 8 percent for the year while sales increased by 8. 6 percent, with a total of $ 375 billion in sales.
Shares of Wal-Mart closed at $ 59. 08 Thursday, Schoewe reported, compared to $ 43. 28 last August.
President and Chief Executive Officer Lee Scott said the success feels good but there is something more meaningful that feels better.
“ That is our deeper understanding of ‘ saving people money so they can live better, ’” he said.
Those aren’t just words in a mission statement, Scott said, they’re embedded in the business and culture of Wal-Mart.
“ Rising oil and gas prices are squeezing family budgets, ” he said. “ Heath care costs are eating up more and more money from our customers’ pockets.
“ Food inflation is making it harder for working families to put a good and healthy meal on the kitchen table. ”
In difficult times in the past, Scott said, Wal-Mart has always been there for its customers.
“ I think we are there for them now more than ever before, ” he said.
Scott said Wal-Mart customers are able to deal with rising energy costs because the company helps them stretch their money on everyday needs.
“ We are also helping customers save money on products that reduce their energy bills to begin with, ” he said. “ And we’re helping the environment in the process. ”
He provided the example of the compact fluorescent lightbulb. The company announced its goal in November 2006 to sell 100 million of the bulbs.
Wal-Mart actually sold 192 million bulbs, Scott said, saving customers $ 6 billion in energy costs.
“ We also eliminated the need for three coal-fired power plants in the process, ” he said.
Energy-saving products and sustainability were mentioned throughout the meeting.
Mike Duke, vice chairman of Wal-Mart International, said the company has made efforts to be more environmentally friendly all over the world.
Wal-Mart Canada is the country’s largest purchaser of green power, he said. Wal-Mart Canada announced last August a three-year agreement to purchase 31, 000 megawatt hours of clean, renewable power from Bullfrog Power for three of its Alberta stores.
In Brazil, Duke said, Wal-Mart partnered with Conservation International to help protect the rain forest.
Wal-Mart Mexico opened Plaza Ecological Ciudad Jardin, the country’s first ecological mall equipped with technology to save energy and water.
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