Walmart saves families $700 million a year? Show me the math

Wallmart rolls back, claims $700 million savings
Wallmart rolls back, claims $700 million savings

Last year Walmart got into some trouble for claiming it saved shoppers $700 a year just by shopping its stores. Competitors took issue with the claim, as did the National Advertising Division of the Council of Better Business Bureaus, and the ads were pulled. But Walmart is at it again, saying it can save shoppers $28 a week with its latest round of reduced prices. That's more than twice the amount it claimed that got it into hot water last year. Is it true?

"American families could see more than $700 million in savings this summer across all grocery categories through the retailer's continued, aggressive Rollbacks program," Walmart says in a press release. "Price reductions include 'deep Rollbacks' on a basket of 22 favorite foods and everyday essentials families routinely purchase, offered for an average savings of 30% off the retailer's everyday low price."