Walmart Facts
Wal-Mart is the world’s largest retailer, and America’s #1 private employer.
The retail giant employs 1.4 million workers across the country. In 2007, it had $374 billion in sales, and made more than $12.5 billion in profits. Through the third quarter of 2008, sales were $293.3 billion, with a profit of $9.6 billion.
Despite a flagging economy, Wal-Mart’s profits are growing.
In fact, in October of 2007, Wal-Mart’s Chief Financial Officer Tom Schoewe said it’s because “tough times are actually a good time for Wal-Mart.” [AP 10/24/07]
Wal-Mart offers poverty level wages.
Using Wal-Mart’s figures, a “full-time” employee at 34 hours per week, making the Wal-Mart average wage of $10.86 per hour, will earn $19,200.48 per year. The federal government’s definition of poverty for a family of four is $21,200. [2008 Wal-Mart Employee Handbook; 2008 HHS Poverty Guidelines]
Wal-Mart’s health care plan fails to cover nearly 700,000 employees.
Wal-Mart reports that its health insurance covers only 51.8% of their employees. [UFCW analysis of Wal-Mart health plan, March 2008] This forces many Wal-Mart workers to rely on state-sponsored healthcare. In fact, in 21 of 23 states where data is available, Wal-Mart forces more employees to rely on taxpayer-funded health care than any other employer. [“Disclosures of Employers Whose Workers and Their Dependents are Using State Health Insurance Programs,” Good Jobs First, 6/26/07]
Wal-Mart admits public assistance is a “better value.”
Despite over $12 billion in profits, President and CEO Lee Scott admits, “In some of our states, the public program may actually be a better value - with relatively high income limits to qualify, and low premiums.” [Transcript Lee Scott Speech, 5/4/05]
Former Wal-Mart CEO H. Lee Scott is the highest paid retail executive.
The value of Scott’s 2007 Compensation Packet was around $31.6 million. H. Lee Scott’s compensation package rose by roughly $2 million in value compared to previous years. [Women’s Wear Daily, 7/24/08]
The Wal-Mart wage gap widens.
An average “full-time” employee at Wal-Mart would have to work roughly 1646 years in order to accumulate what the Wal-Mart CEO receives for one year.
The Walton family is now worth over $100 billion.
With over 1.7 billion shares, or 43% of Wal-Mart stock, the Walton family wields enormous control over the company. Even by Walton standards, 2008 has been a good year for the family. From November 2007 to September 2008, the stock prices rose by over $21. This means the Walton family made around $35 billion off the stock price increase alone. [Forbes 400 Richest People in America, 2008].
The Walton family could afford to raise wages.
That same $35 billion could provide every Wal-Mart employee with a $14 pay increase for one year or raise the company’s minimum pay to $24 an hour for one year. [Wal-Mart Watch/UC Berkeley Labor Center]
