Ceo: Wal-Mart needed more in tough economy

BENTONVILLE, Ark. Speaking at Wal-Mart’s annual shareholders meeting, president and ceo Lee Scott said that Wal-Mart would become increasingly more important to its consumers as economic conditions make it tougher to make ends meet.

Citing rising gas prices, food inflation and higher health care costs, Scott said that the challenge to provide for one’s family has become increasingly more difficult.

“During difficult times in the past, Wal-Mart has been there for our customers and our members, said Scott. “But I think we are there for them now more than ever before.”

Scott highlighted examples of how the company was helping people save money, including its CFL light bulbs, which he said will save consumers nearly $6 billion over the life of the product, and its $4 prescription program, saving customers more than $1.1 billion.

With the presidential election looming, some may have expected Scott to give his insight into which candidate would be best, however, the ceo said that Wal-Mart was ready to work with whoever becomes the new President and the next Congress.