Add another point to Wal-Mart being an absolute nightmare to the world:
They sued one of their own workers, a brain-damaged woman, wanting her medical expenses back that were paid to her after a car wreck.
Good grief. Don't even try to convince me that a $90 BILLION PROFIT company really needs that $474,000.
Brings to mind a certain parable of Jesus' in Luke 19...the parable of the Ten Pounds. The evil, rich ruler says, “I tell you, to all those who have, more will be given; but from those who have nothing, even what they have will be taken away.”
So please, shop at Target?
PS. If you'd like to look into personally boycotting Wal-Mart like I and others have, there are lots of videos on YouTube illustrating how they are literally taking over the USA. Cara has a good video to show too...I'm sure she'll post the link in the comments ;)
Tuesday, March 25, 2008
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3 comments:
DUH!
http://www.youtube.com/watch?v=ATu-WhQ8IsY
http://www.youtube.com/watch?v=lCxcH5q7qDA
OK, finally had time to read the full article on the former WM employee.
My thoughts:
1. WM is completely wrong in this particular case. It is shameful and they should not sue this poor woman and her family - absolutely disgusting.
2. I shop at Target because they're a better retailer, not to save the world from WM. Target doesn't suck. WM does.
3. WM did NOT make a $90Billion profit, Vandervorgenschmorgan/organ/lorgan. Get thee to thine Business Building and brush up on those courses with Prof Mills (if he's still there?) WM made $90 Billion in Net Sales in Q3. Net sales is calculated by adding up all of WMs retail sales rings at all their stores all over the world in 3rd Quarter and boom, you've got your number. Profit is what you make after you back out the following: operating expenses (like labor costs, rental on properties, healthcare costs, you name it) taxes (at a hefty 33.6% tax rate), and that pesky little thing called inventory costs. . .like, you know, the products that they sell? Well. They have to pay for them. Vendors don't donate their products to WM free and clear. So when WM makes a net sales number, they still have to back out everything that they paid to the vendors to acquire the merchandise in the first place.
I looked at WMs annual report. Looks like they have approximately a 23% GM rate - gross margin - that means that for every unit they sell, on average they make 23% of the sell price in margin. That's still not profit, though. Out of that 23% they "make", they then pay the labor costs, the taxes, the healthcare, the you name it. THEN and only then do they finally derive a profit number.
For an entire year, WM makes a net income of $11 Billion.
OK, whew, sorry - diarrhea of the fingers here. Yeah, $11B is a huge amount of money, but nowhere near the size of $90 Billion that you mentioned.
4. Still? They suck, because even with a net income of $11Billion, they could afford to cut that poor lady a break.
Argh!
Now go to Target and get a Starbucks or something. I promise you'll feel good afterwards, if for no other reason that the tons of caffeine you'll consume.
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