Isn’t this Obama economy just swell? Wal-Mart, the world’s largest retailer, admitted in its annual SEC report that it relies on food stamps to turn a profit.
For the first time, Wal-Mart Stores Inc. is citing its dependence on customers using food stamps in order to maintain its revenues and profits.
Wal-Mart’s annual report to the Securities and Exchange Commission included a required cautionary statement which informs the public of factors that could harm future profitability, according to The International Business Times on Tuesday. Wal-Mart’s statement included usual warnings such as as natural disaster, civil unrest, changes to income and corporate tax rates, and ongoing investigations against the company, but said the public assistance inclusion was new.
“Our business operations are subject to numerous risks, factors and uncertainties, domestically and internationally, which are outside our control,” the Wal-Mart statement said. “These factors include … changes in the amount of payments made under the Supplement[al] Nutrition Assistance Plan and other public assistance plans, changes in the eligibility requirements of public assistance plans, …” (Read More)
The left hates Wal-Mart so much I can almost see them calling for cuts to food stamps just to hurt the retailer. Almost. I think they like the welfare state more than they hate Wal-Mart.