Wednesday , September 26 2018

Wal-Mart’s online surge adds $5bn to Walton family fortune

epa05312217 (FILE) A file photo dated 30 March 2011 shows the logo of a Walmart store in the Los Angeles San Fernando Valley community of West Hills, California, USA. Walmart on 17 May 2016 released its 2016 annual report, saying their total revenues for the financial year ended 31 January stood at 482.1 billion USD, while net sales were 478.6 billion USD. Operating income was 24.1 billion USD, compared with 27.1 billion USD in fiscal year 2015.  EPA/MIKE NELSON


The five heirs to Wal-Mart Stores Inc. fortune became $5 billion richer after the world’s largest retailer said it expects US e-commerce sales to surge 40 percent in the next fiscal year. The forecast added 4.5 percent to Wal-Mart shares and pushed the combined net worth of Alice, Jim, Rob, Lukas and Christy Walton to $140 billion, according to the Bloomberg Billionaires Index.
That widened the gap between the Waltons and Inc.’s Jeff Bezos, whose fortune has surged 74 percent in the past two years. Bezos overtook Bill Gates as the world’s richest person for just a few hours in late July, when his net worth peaked at $92.3 billion.
Wal-Mart’s upbeat guidance, issued ahead of its annual shareholder meeting, triggered the biggest rally in the company’s shares in more than a year, lending credence to the view that its bet on e-commerce is beginning to pay off. Wal-Mart also said it plans to add 1,000 online-grocery locations.
Amazon purchased Whole Foods Market Inc. earlier this year for $13.7 billion.
Bezos’s fortune has risen from about $17 billion when the Bloomberg index debuted
in March 2012, a gain of 371
percent. The Waltons have added 48 percent.

About Admin

Check Also

Washington REIT explores sale of retail portfolio

Bloomberg Washington Real Estate Investment Trust (REIT) is exploring the sale of its retail portfolio, ...

Leave a Reply

Your email address will not be published. Required fields are marked *