A week full of free concerts by Taylor Swift,Journey, Carrie Underwood and Keith Urban were just the beginning to what lie in store for the shareholders of the world's largest retailer. Thousands of shareholders from around the globe gathered on Friday for the annual shareholders meeting at the Bud Walton Arena on the University of Arkansas campus.
Wal-Mart showed no signs of feeling any economic pinch as the meeting got underway at 7:00 a.m with Brazilian drummers and acrobatic performances. Then the Master of Ceremonies Queen Latifa along with soul singer Josh Stone, actress Jennifer Hudson, American Idol winner, David Cook and country music star Tim McGraw made appearances. Wal-Mart also honored those that had made a difference within their communities.
As the meeting got down to business Chief Financial Officer Tom Schoewe reported that profits increased by 5.8 percent and sales increased by, 8.6 percent over the year. Shares were also up from $ 43.28 last August to $59.08 as of Thursday.
President and CEO Lee Scott talked about the various ways in which Wal-Mart is working to save customers money in areas of food and energy and what measures they are taking to become more environmentally friendly.
Scott said that while success feels good something that feels even better and was meaningful was saving people money so that they could live better.
"Those aren't just words in a mission statement, Scott said, they're embedded in the business and culture of Wal-Mart."