BENTONVILLE, Ark., May 1, 2008 – Wal-Mart Stores, Inc., (NYSE: WMT) announced today that it is sharing almost $1.2 billion with its U.S. hourly associates through profit-sharing and 401(k) contributions, stock purchase plan and associate merchandise discounts for the fiscal year ending January 31, 2008.
“Even during tough economic times, Wal-Mart is proud to make all our associates partners in the success of our business,” said Linda Dillman, executive vice president, benefits & risk management for Wal-Mart. “Our associates make the difference and sharing our profits through these financial incentives helps us attract and retain top talent, which in the end helps us better serve our customers.”
During the fiscal year ending January 31, 2008, Wal-Mart contributed:
- $724.4 million to 838,955 hourly associates in profit-sharing and 401(k) contributions.
- $50.1 million to 764,098 hourly associates toward the company’s associate stock purchase plan.
- $420.2 million in discounted merchandise to hourly associates and their family members through our merchandise discount program.
Additionally, Wal-Mart awarded more than $636.4 million in bonuses earlier this year to Wal-Mart store and Sam’s Club hourly associates in the U.S.
In total, the company has shared over $1.8 billion with its hourly associates in the U.S. through the various financial incentives.
Wal-Mart contributes a certain percentage of an eligible associate’s pay to the profit-sharing and 401(k) plan.
“These benefits are designed to help our associates -- both full-time and part-time -- save money and live better and are far more than just a paycheck,” said Dillman. “Our associates have access to company retirement and savings plans, affordable health coverage, bonuses, additional store discounts on top of everyday low prices, career opportunities throughout our company, plus more.”
The Hewitt Benefit Index®, conducted by global human resources services company Hewitt Associates, shows that Wal-Mart scored 199 on retirement savings benefits, while the average retail score is 100. The next closest retailer to Wal-Mart in the retirement savings benefits category scored 182.
About the Hewitt Benefit Index®
Hewitt’s Benefit Index methodology has been used by more than 500 companies over the past 40 years to benchmark the competitive value of the complex array of benefit plans and provisions of various industry and labor market competitors. It calculates the relative employer-provided value of Wal-Mart’s benefits compared to 20 large retailers and grocers based on a common representative employee population.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, Supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company's securities are listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartstores.com. Online merchandise sales are available at www.walmart.com.