Sam Walton's Heirs Lose Almost $6 Billion in One Day
Year-to-date losses total $14 billion combined
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Four Wal-Mart heirs shed $5.7 billion from their collective net worth yesterday after the world's largest retailer posted first-quarter earnings that missed analysts’ estimates. The Bentonville, Arkansas-based company's U.S. sales grew more slowly than projected and currency fluctuations ate into profit.
Earnings amounted to $1.03 a share, excluding some items, Wal-Mart said in a statement Tuesday. Analysts had predicted $1.05 on average.