Wal-Mart control to tip to Waltons
New York City — A $15 billion share buyback program, unveiled earlier in June, will allow Wal-Mart Stores’ founder Sam Walton’s descendants to see their stake in the chain edge up above 50%.
After Walton died in 1992, family members retained a stake of around 38% from the mid-1990s to the mid-2000s. Starting in 2003, a series of big share buybacks began to push the family stake higher, to 43% in 2008 and now to 49%, according to the latest filings.
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Ahold sees profit rise 6%
Amsterdam — Dutch retailer Koninklijke Ahold N.V. reported Tuesday that profit for the first quarter increased 6% to $423.84 million, citing a 6% sales rise and lowered operating costs for the improved performance.
Ahold generates more than half its sales in the United States through its Stop & Shop, Giant Carlisle and Giant Landover banners. In the Netherlands, it operates under the Albert Heijn banner.
The company didn’t give any guidance or detail on its growth strategy.
Cabela’s to open new store in Tulalip, Wash.
Sidney, Neb. — Cabela’s will open a store in Tulalip, Wash., in 2012.
The 110,000-sq.-ft. store will be located within Quil Ceda Village on the Tulalip Tribes Indian reservation, about 30 miles north of Seattle. It will be the outdoor retailer’s second Washington store.
The building’s exterior will feature log construction, stonework, wood siding and metal roofing. The inside will highlight the company’s next-generation layout, which is designed to immerse customers in the outdoor experience and includes conservation-themed wildlife displays and trophy animal mounts.
Construction is expected to start later this year. Quil Ceda Village also includes Walmart, The Home Depot and Seattle Premium Outlets as well as several restaurants, an amphitheater and the Tulalip Resort Casino.