World's largest
retailer benefited as cash-strapped
shoppers looked to discount merchandise
at start of economic slump. Boost
may have waned; recently reported
1.6% decline in same-store sales
in its U.S. Walmart and Sam's Club
stores, warned of soft sales in
current quarter. Still, shares are
up 7% in past 12 months and family
fortune rose a combined $13 billion,
largely recovering losses from market
crash. Sam Walton started as J.C.
Penney clerk. Opened Benjamin Franklin
five-and-dime in 1945; lost lease
five years later. Founded Bentonville,
Ark., general store with brother
James 1962. Today Walmart has $405
billion in annual sales, 2 million
employees, more than 8,400 stores.
Christy is the richest of the Waltons
thanks to late husband John's early
bet on First Solar; alternative
energy stock up more than 350% since
2006 public offering. |
