Walton family loses $11.4 bn after Walmart slashes earnings outlook

The Walton family fortune fell $11.4 billion on Tuesday after Walmart Inc. slashed its earnings outlook for the second time this year.
 

Shares of the Bentonville, Arkansas-based retailer, which is controlled by the family, tumbled 7.6 per cent in New York trading after it said adjusted earnings per share will decline as much as 13 per cent this year with US shoppers reining in spending on big-ticket items amid soaring consumer prices. Two months ago, the company said earnings per share would only dip about 1 per cent, while in February, it had predicted a modest increase.
 

The family’s late