Wednesday, March 28, 2007

$272 million from top donor Wal-Mart


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Wal-Mart Stores Inc. increased its U.S. charitable giving 10 percent last year to $272.9 million, the world's largest retailer said Tuesday, likely defending its position as the country's largest corporate donor of cash.

The rate of growth was lower than a year earlier, when Hurricane Katrina relief helped push the annual rise to 19 percent, but it was ahead of Wal-Mart's 7 percent rise in net profit last year. The company's profit for the fiscal year that ended Jan. 31 was $12.2 billion.

Bentonville, Ark.-based Wal-Mart released its annual donation numbers a few days after publicizing its annual bonuses to hourly store workers as it seeks to counter union-led critics by defending its record as a corporate citizen.