report builder - wal-mart stores, inc. - hoover's...

Hoover's Online Report BuilderWal−Mart Stores, Inc. (NYSE: WMT)

Copyright 2004, Hoover's, Inc.

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................2Board Members..........................................................................................................................................................4Industry Information..................................................................................................................................................5SIC Codes...................................................................................................................................................................5NAICS Codes.............................................................................................................................................................5Top Competitors.........................................................................................................................................................6All Competitors..........................................................................................................................................................6Rankings.....................................................................................................................................................................6Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................7

Biographies............................................................................................................................................................................8 S. Robson Walton, Age 58........................................................................................................................................8 H. Lee Scott Jr., Age 54............................................................................................................................................8 Thomas M. (Tom) Coughlin, Age 54........................................................................................................................8 Michael T. Duke, Age 53..........................................................................................................................................9 Thomas D. Hyde, Age 54..........................................................................................................................................9 John B. Menzer, Age 52..........................................................................................................................................10 Coleman H. Peterson...............................................................................................................................................10 Thomas M. (Tom) Schoewe, Age 50......................................................................................................................10 Linda Dillman, Age 46............................................................................................................................................11 B. Kevin Turner, Age 37.........................................................................................................................................11 Rollin L. Ford..........................................................................................................................................................12 M. Susan Chambers, Age 46...................................................................................................................................12 Joseph J. (Jay) Fitzsimmons, Age 55......................................................................................................................12 Charles M. Holley Jr., Age 46.................................................................................................................................13 David Dible.............................................................................................................................................................13 Gregory E. (Greg) Spragg, Age 43.........................................................................................................................14 Don S. Harris, Age 46.............................................................................................................................................14 James H. (Jim) Haworth, Age 39............................................................................................................................14 Craig R. Herkert......................................................................................................................................................15 Robert (Bob) Connolly, Age 57..............................................................................................................................15 Doug Degn, Age 44.................................................................................................................................................16 Claire A. Watts........................................................................................................................................................16 C. Douglas (Doug) McMillon, Age 35...................................................................................................................16 James A. Walker Jr., Age 55...................................................................................................................................17 Greg B. Penner........................................................................................................................................................17 Tom Mars, Age 43..................................................................................................................................................17 Charlyn Jarrells Porter.............................................................................................................................................18 Jeff McAllister........................................................................................................................................................18 Gary Severson, Age 42...........................................................................................................................................18 Sue Oliver, Age 56..................................................................................................................................................18 Ester Silver−Parker.................................................................................................................................................19 Joe Hatfield.............................................................................................................................................................19 John Fleming, Age 44.............................................................................................................................................19 Mario Pilozzi, Age 55.............................................................................................................................................20 Vincent Trius...........................................................................................................................................................20

Report Builder − Wal−Mart Stores, Inc. − Hoover's Online

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Table of ContentsBiographies

John Lewis..............................................................................................................................................................21 Timothy E. Coughlin...............................................................................................................................................21 Michael L. Grimm...................................................................................................................................................21 James W. (Jim) Breyer, Age 41..............................................................................................................................21 M. Michele Burns, Age 46......................................................................................................................................22

Overview..............................................................................................................................................................................23

History..................................................................................................................................................................................24

Products/Operations...........................................................................................................................................................26

Other Resources Available On Hoover's Online..............................................................................................................30Other Resources.......................................................................................................................................................30Related Products From Our Trusted Partners..........................................................................................................30

Annual Financials................................................................................................................................................................31

Quarterly Financials...........................................................................................................................................................33

Historical Financials & Employees....................................................................................................................................36

Market Data.........................................................................................................................................................................38

Comparison Data.................................................................................................................................................................39

Competitive Landscape.......................................................................................................................................................41

Report Builder − Wal−Mart Stores, Inc. − Hoover's Online

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The Basics

702 SW Eighth St.Bentonville, AR 72716−8611 (Map)http://www.walmartstores.com

Phone: 479−273−4000Fax: 479−273−4053

Wal−Mart Stores is an irresistible (or at least unavoidable) retail force that has yet to meet any immovable objects. Biggerthan Carrefour, Royal Ahold, and Kroger combined, it is the world's #1 retailer, with about 4,800 stores, including some1,475 discount stores, 1,750 combination discount and grocery stores (Wal−Mart Supercenters in the US and ASDA in theUK), and 538 membership−only warehouse stores (SAM'S CLUB). Nearly 75% of its stores are in the US, but Wal−Martis expanding internationally; it is the #1 retailer in Canada and Mexico. It owns 36% of Japanese supermarket chainSEIYU. Wal−Mart also has operations in South America, Asia, and Europe. Founder Sam Walton's heirs own about 38%of Wal−Mart.

Key Numbers

Company Type Public (NYSE: WMT)

Fiscal Year−End January

2004 Sales (mil.) $256,329.0

1−Year Sales Growth 4.8%

2004 Net Income (mil.) $9,054.0

1−Year Net Income Growth 12.6%

2003 Employees 1,400,000

1−Year Employee Growth 1.2%

Auditor Ernst & Young LLP

Financial Overview

Last Close 23−Mar−2004 $58.21

52−Week High $61.31

52−Week Low $50.50

Basic EPS $2.07

Price/Earnings Ratio 28.12

Current Ratio 0.94

R&D Expense (mil.) −−

Advertising Expense (mil.) −−

% Owned by Institutions 36.20%

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Officers & Employees

Title Name Age Salary Bonus

Chairman S. Robson Walton 58

President, CEO, and Director H. Lee Scott Jr. 54 $1,142,308 $3,162,500

EVP and Vice Chairman,Wal−Mart Stores Inc. (USA)

Thomas M. (Tom) Coughlin 54 $907,308 $2,287,500

EVP; President and CEO,Wal−Mart Stores USA

Michael T. Duke 53 $530,385 $749,000

EVP, Legal and CorporateAffairs, Secretary

Thomas D. Hyde 54

EVP; President and CEO,Wal−Mart International Division

John B. Menzer 52 $759,231 $1,540,000

EVP, People Division (Retiring from

company effective April 30, 2004.)Coleman H. Peterson

EVP and CFO Thomas M. (Tom) Schoewe 50 $579,615 $819,000

EVP and CIO Linda Dillman 46

EVP; President and CEO SAM'SCLUB

B. Kevin Turner 37

EVP, Logistics and Supply Chain Rollin L. Ford $321,154 $325,000

EVP, Risk Management, BenefitsAdministration, Aviation andTravel

M. Susan Chambers 46

SVP, Finance and Treasurer Joseph J. (Jay) Fitzsimmons 55

SVP and Controller Charles M. Holley Jr. 46

EVP, Specialty Division David Dible

EVP, Operations, SAM'S CLUB Gregory E. (Greg) Spragg 43

EVP, General Merchandise(Retiring effective April 30, 2004)

Don S. Harris 46

EVP Operations, Wal−MartStores Division

James H. (Jim) Haworth 39

EVP and COO, Wal−MartInternational

Craig R. Herkert

EVP, Marketing and ConsumerCommunications

Robert (Bob) Connolly 57

EVP; Food and ConsumablesMerchandising

Doug Degn 44

EVP, Merchandising (Named EVP of

Merchandising effective April 30, 2004)Claire A. Watts

EVP, Merchandising, SAM'SCLUB

C. Douglas (Doug) McMillon 35


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SVP and Controller James A. Walker Jr. 55

SVP and CFO, Wal−MartInternational Holdings Japan

Greg B. Penner $211,861 $212,500

SVP and General Counsel Tom Mars 43

SVP, Chief Diversity Officer Charlyn Jarrells Porter

SVP, Corporate Relations Jay Allen

SVP; COO, Wal−MartInternational Holdings Japan

Jeff McAllister

SVP, General MerchandiseManager, Hardlines

Gordon Erickson

SVP, General MerchandiseManager, Hardlines

Gary Severson 42

SVP, General MerchandiseManager, Home

Lois Mikita

SVP, General MerchandiseManager, Women's andChildren's Apparel

Celia Clancy

SVP, Global Procurement Ken Eaton

SVP, Optical Division Ron Tiarks

SVP, People, Wal−Mart Stores,USA (Named SVP, People effective April 5,

2004.)

Sue Oliver 56

SVP, Pharmacy James (Jim) Martin

SVP, Wal−Mart Operations Ed Kolodzieski

VP and Assistant Treasurer Mike Cook

VP and Chief Legal ComplianceOfficer

Tom Gean 41

VP and General Counsel Allison Garrett 38

VP, Diversity Relations Ester Silver−Parker

VP, Government Relations Robert (Bob) McAdam

VP, International CorporateAffairs

Ray Bracy

VP, Labor Relations Terry Srsen

VP, People Development Group Charles Baldwin

VP, Perishables Bruce Peterson

VP, Pharmacy Division Frank Segrave

VP, Pharmacy Operations Ron Chomiuk

VP, Recruitment Ramona Benson

VP, Wal−Mart Supercenters,Meat, Seafood and Deli

Ken Parnell










VP Mona Williams

President and CEO, Wal−MartAsia

Joe Hatfield

President and CEO,Wal−Mart.com

John Fleming 44

President and CEO, Wal−MartCanada

Mario Pilozzi 55

President, Wal−Mart FinancialServices

Jane J. Thompson

President, Wal−Mart Brazil Vincent Trius

Managing Director, Wal−MartGermany

Kay Hafner

President, Wal−Mart PuertoRico

Bill Cahill

CFO, Wal−Mart International John Lewis

COO, Wal−Mart Puerto Rico Jose Revuelta

Director, Energy Stan Green

Director, Global Travel Duane Futch

Director, Managed Care,Wal−Mart Pharmacy

Keith Cook

Director, Regional LossPrevention

Timothy E. Coughlin $78,077 $18,864

Director, Risk Management Rita Stephens

Director, Training Oneil Clark

Senior Marketing Manager Karen Sinning 38

Trading Director, Wal−MartGermany

David Wild

Mid−West Regional Manager,Community Affairs

John Bisio

Home EntertainmentMerchandise Manager

David Porter

Manager, DVD Rentals Matt Sevick

Merchandise Buyer Michael L. Grimm $71,543 $17,170

Wine Buyer Bob Paulinski

Operations Coordinator,Wal−Mart Supercenters

Cathy Bishop

Board Members

Title Name Age

Chairman S. Robson Walton 58










EVP and Vice Chairman,Wal−Mart Stores Inc. (USA)

Thomas M. (Tom) Coughlin 54

President, CEO, and Director H. Lee Scott Jr. 54

Director James W. (Jim) Breyer 41

Director M. Michele Burns 46

Director Stanley C. Gault 78

Director David D. Glass 67

Director Roland A. Hernandez 46

Director Dawn G. Lepore 49

Director John D. Opie

Director J. Paul Reason 62

Director Jack C. Shewmaker 65

Director Jose H. Villarreal 49

Director John T. Walton 56

Industry Information

RetailDiscount & Variety Retail (primary)

Warehouse Clubs & Superstores◊ ♦

Drug Stores & Pharmacies♦ Gasoline Retailers♦ Grocery Retail♦ Nonstore Retail

Internet Retail◊ ♦

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SIC Codes

5331 Variety stores

5399 Misc. general merchandise stores

5411 Grocery stores

5499 Miscellaneous food stores

5541 Gasoline service stations

5912 Drug stores and proprietary stores

NAICS Codes

445110 Supermarkets and Other Grocery (except Convenience) Stores

446110 Pharmacies and Drug Stores

447190 Other Gasoline Stations

452910 Warehouse Clubs and Supercenters

454111 Electronic Shopping















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Top Competitors

Costco Wholesale• Kmart• Target•

All Competitors

Ace Hardware• Albertson's• Army and Air Force Exchange• AutoZone• Best Buy• Big Lots• BJs Wholesale Club• Carrefour• Cigarettes Cheaper• CompUSA• Costco Wholesale• CVS• Dollar General• Eby−Brown• Family Dollar Stores• Home Depot• Hudson's Bay• J. C. Penney• Katz Group• Kmart• Kroger• Loblaw• Lowe's• Meijer• METRO AG• Office Depot• Pep Boys• Publix• RadioShack• Rite Aid• Royal Ahold• Safeway• Sears• Staples• Target• TJX• Toys ''R'' Us• TruServ• Walgreen•

Rankings

#1 in FORTUNE 500 •












































http://www.fortune.com/fortune/fortune500

S&P 500• Dow Jones Industrials• Dow Jones Global Titans • #4 in FT Global 500 •

Subsidiaries/Affiliates Covered By Hoover's Online

ASDA Group Limited• Bompreço S.A. Supermercados do Nordeste• SAM'S CLUB• Wal−Mart de México, S.A. de C.V.• Wal−Mart.com USA, LLC•


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Biographies

S. Robson Walton, Age 58

Chairman

Biography

Chairman of the Board of Wal−Mart. Member since 1978.

Source: Proxy, April 15, 2003

H. Lee Scott Jr., Age 54

President, CEO, and Director, $1,142,308 salary, $3,162,500 bonus

Recent Work Highlights

Wal−Mart Stores, Inc.2002: President, CEO, and Director, $1,123,077 salary, $1,784,750 bonus♦

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Biography

H. Lee Scott, Jr. is President and Chief Executive Officer of Wal−Mart since January 2000. Prior to this appointment, hehas held various positions with Wal−Mart since September 1979, including: Vice Chairman and Chief Operating Officer,from January 1999 to January 2000; and Executive Vice President, President and Chief Executive Officer, Wal−MartStores Division, from January 1998 to January 1999. Mr. Scott has been a board member of Wal−Mart Stores since 1999.

Source: 10K, April 15, 2003

Thomas M. (Tom) Coughlin, Age 54

EVP and Vice Chairman, Wal−Mart Stores Inc. (USA), $907,308 salary, $2,287,500 bonus

Other Company Affiliations

Company Title Salary Bonus

ChoicePoint Inc. DirectorRecent Work Highlights

Wal−Mart Stores, Inc.2002: EVP; President and CEO of Wal−Mart and SAM'S CLUB USA; and Director, $885,769 salary,$935,929 bonus

♦

Title held until 2003: EVP; President and CEO of Wal−Mart and SAM'S CLUB USA; and Director♦

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Biography

Thomas M. Coughlin was promoted to executive vice president and vice chairman of Wal−Mart Stores Inc. (USA) inApril 2003. In his new role Mr. Coughlin will continue to be responsible for the U.S. retail operations of Wal−Martdiscount stores, Supercenters and SAM'S CLUBS, and also assumes responsibility for key support functions such asLogistics, Real Estate development and Global Procurement. Previously, Coughlin was Executive Vice President andPresident and Chief Executive Officer of Wal−Mart Stores Division and SAM'S CLUB USA since August 2002. TomCoughlin joined Wal−Mart in 1978. During his 25−year career with the company, he has served in key leadershippositions in Loss Prevention and Human Resources. He also served as Executive Vice President of SAM'S CLUBOperations and Executive Vice President of Wal−Mart's Specialty Groups, such as Pharmacy and Optical. He was namedPresident and CEO of the Wal−Mart Stores Division in 1999, and he assumed the additional responsibility for the SAM'SCLUB Division last August.

Source: Company Press Release, April 25, 2003

Michael T. Duke, Age 53

EVP; President and CEO, Wal−Mart Stores USA, $530,385 salary, $749,000 bonus


Wal−Mart Stores, Inc.Title held until 2003: EVP; Administration♦

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Biography

Mike Duke was promoted to Executive Vice President and President and CEO of the Wal−Mart Stores Division in April2003. Previously, Mr. Duke served as Executive Vice President of Administration. Duke is now responsible for theoperations and merchandising of the company's Wal−Mart discount stores, Supercenters and Neighborhood Markets inthe U.S. Duke, who reported to Lee Scott in his previous role, will now report to Thomas Coughlin. Mike Duke joinedWal−Mart in 1995. Duke was responsible for Wal−Mart's Logistics area until being named Executive Vice President ofAdministration in 2000. Prior to joining Wal−Mart, Duke had 23 years of varied experience in the retail industry.

Source: Company Press Release, April 25, 2003

Thomas D. Hyde, Age 54

EVP, Legal and Corporate Affairs, Secretary

Biography

Thomas D. Hyde Executive Vice President, Legal and Corporate Affairs. Prior to July 2001, he served as Senior VicePresident and General Counsel of Raytheon Company since 1992. Hyde was formerly senior vice president and generalcounsel of Raytheon Company, has been named to the new position of executive vice president and senior generalcounsel. Hyde will assume his new duties at Wal−Mart in mid−July. In this position, Hyde will be responsible foroverseeing the legal activities and affairs of Wal−Mart's worldwide operations. Hyde has been with Raytheon since 1992.There, he has been responsible for the following functions: legal, corporate secretarial, ethics, export control, real estate,insurance, environment, and health and safety. Prior to joining Raytheon, Hyde served in a number of key legal, financial,international and general management positions for several companies including Denver−based Manville Corporation, a


building products manufacturer; and St. Louis−based Emerson Electric, a diversified manufacturing company. A native ofKansas City, Hyde graduated from the University of Kansas in 1970 with an English degree. He received his law degreefrom the University of Missouri in 1975 and earned an MBA in finance from the University of Kansas in 1981.


John B. Menzer, Age 52

EVP; President and CEO, Wal−Mart International Division, $759,231 salary, $1,540,000 bonus



Emerson Electric Co. DirectorRecent Work Highlights

Wal−Mart Stores, Inc.2002: EVP; President and CEO, Wal−Mart International Division, $717,308 salary, $838,927 bonus♦

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Biography

Executive Vice President and President and Chief Executive Officer of Wal−Mart International Division. Prior to June1999, he served as Executive Vice President and Chief Financial Officer of the Company.


Coleman H. Peterson

EVP, People Division (Retiring from company effective April 30, 2004.)

Biography

Coleman H. Peterson is executive vice president of Wal−Mart's people division and has held this position since joiningthe company in 1994. Peterson oversees the hiring and management of associates for Wal−Mart Stores, Inc. Prior to hisemployment at Wal−Mart, Peterson spent 16 years as senior vice president of human resources for Venture Stores, Inc.His background includes a total of 25 years experience in human resources. Peterson is active in numerous educational,retail and professional organizations. In addition to serving on the advisory boards for Florida A&M and the University ofFlorida Retail Institute, he is a trustee of the NAACP Special Contribution Fund. He is also an alumni member of theKappa Alpha Psi and Sigma Pi Phi fraternities. Peterson received his bachelor's and master's degrees from LoyolaUniversity of Chicago.

Source: Company Web Site, 2003

Thomas M. (Tom) Schoewe, Age 50

EVP and CFO, $579,615 salary, $819,000 bonus





Centex Corporation DirectorBiography

Executive Vice President and Chief Financial Officer. From February 1997 to January 2000, he served as Senior VicePresident and Chief Financial Officer of Black & Decker Corporation. Prior to February 1997, he served as Vice Presidentand Chief Financial Officer of Black & Decker Corporation.


Linda Dillman, Age 46

EVP and CIO


Wal−Mart Stores, Inc.Title held until 2004: SVP and CIO♦

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Biography

Linda M. Dillman joined Wal−Mart in 1991 and currently serves as Executive Vice President and Chief InformationOfficer of Wal−Mart Stores, Inc. Her responsibilities include overseeing the Information Systems Division and alsoserving on Wal−Mart's Executive Committee. She was named Senior Vice President and Chief Information Officer ofWal−Mart Stores, Inc. in 2002. She was promoted to Executive Vice President in July 2003. Linda joined Wal−Martthrough the acquisition of The Wholesale Club in Indianapolis, Indiana. At Wal−Mart, Linda has served in several keyinformation services management positions, including applications development manager for SAM'S CLUB, applicationdevelopment manager for Wal−Mart store systems, and was promoted to director of applications development in 1997. In1998, Linda was named Vice President of Applications Development, where she led the system conversion forWal−Mart's acquisition of ASDA in the United Kingdom. Prior to her current position, she was the Vice President ofInternational Systems. Linda has been instrumental in helping Wal−Mart to develop one of the most sophisticatedinformation services network in the world. In addition to her role in the ASDA conversion, Linda's most notedaccomplishments were the implementation of the perpetual inventory and store Telxon systems at Wal−Mart. Prior toWal−Mart, Linda worked for Hewlett−Packard for five years.


B. Kevin Turner, Age 37

EVP; President and CEO SAM'S CLUB



SAM'S CLUB President and CEO




Biography

B. Kevin Turner is Executive Vice President and President and Chief Executive Officer of SAM's CLUB. FromSeptember 2001 to August 2002, he served as Executive Vice President and Chief Information Officer of the InformationSystems Division. From February 2000 to September 2001, he served as Senior Vice President and Chief InformationOfficer of the Information Systems Division.


Rollin L. Ford

EVP, Logistics and Supply Chain, $321,154 salary, $325,000 bonus

Biography

Rollin L. Ford currently serves as Executive Vice President, Logistics and Supply Chain. In his current capacity, he hasoperating responsibility for all General Merchandise, Fashion, Grocery, SAM'S, Import, and Specialty DistributionCenters. He also has all operating responsibility for all domestic transportation and the supply chain. Since joiningWal−Mart Stores in 1983, Rollin has served as a member of the Distribution and Logistics Team, Vice President of theSpecialty Division and Transportation, and Senior Vice President for Logistics. Rollin is affiliated with numerousorganizations including the IMRA, Council of Logistics, and the NFTA, for which he currently sits on the Board ofDirectors. Rollin graduated from Taylor University in Upland, Indiana with a bachelor's degree in business administrationand systems analysis.


M. Susan Chambers, Age 46

EVP, Risk Management, Benefits Administration, Aviation and Travel

Biography

M. Susan Chambers is the Executive Vice President of Risk Management, Benefits Administration, Aviation and Travelfor Wal−Mart Stores, Inc. Susan is responsible for claims management, benefits, global security, aviation and travel, foodsafety and security, and risk control. She also serves on Wal−Mart's Executive Committee. Susan joined Wal−Mart in1999. She initially trained in the field as a store and club manager for six months. She then held a position in InformationSystems Division as Vice President, Applications Development−Merchandising. Susan became Senior Vice President,CMI, Benefits and Insurance Administration in January 2002. Prior to joining Wal−Mart, Susan was employed for 14years with Hallmark Cards Incorporated. Her last position with Hallmark was as director of applications development.Susan also held previous technical assignments at Amoco Oil Corporation. She is on the Kansas State University BusinessAdvisory Board and on the Perogative Advisory Board. She has a bachelor's degree in systems and data processing fromWilliam Jewell College in Liberty, Mo.


Joseph J. (Jay) Fitzsimmons, Age 55

SVP, Finance and Treasurer




Mexican Restaurants, Inc. DirectorBiography

Jay Fitzsimmons is senior vice president of finance and treasurer for Wal−Mart Stores, Inc. Fitzsimmons has served asvice president of finance for Wal−Mart since joining the company in 1994. Prior to his employment at Wal−Mart,Fitzsimmons was vice president and analyst for Sell−Side Securities. He has also served as a senior vice president andchief financial officer in the restaurant industry. Fitzsimmons earned his bachelor's degree at the University of NotreDame and later received a master's degree at the University of Chicago. He also is a Certified Public Accountant.


Charles M. Holley Jr., Age 46

SVP and Controller

Biography

Charles M. Holley joined Wal−Mart Stores, Inc. in 1994 as Director of Finance and Chief Financial Officer for theWal−Mart International Division. He was promoted to Vice President and Chief Financial Officer for the Wal−MartInternational Division in 1996 and to Senior Vice President and Chief Financial Office of the Wal−Mart InternationalDivision in 1999. While in Wal−Mart's International Division, Charles helped pioneer the Company's internationalexpansion efforts, which included leading Wal−Mart's international mergers and acquisitions activities. In January 2003,he was promoted to Senior Vice President and Controller of Wal−Mart Stores, Inc. where he is responsible for theCompany's accounting and tax matters as well as its financial reporting. Prior to joining Wal−Mart, Charles was withTandy Corporation as Managing Director for Tandy's European Memorex Consumer Product Division (MemtekInternational) from 1992 to 1994 and served as Director of Finance for their International Operations from 1991 to 1992.In addition, Charles spent 10 1/2 years with Ernst & Young. Charles received his bachelor's degree in accounting at theUniversity of Texas in Austin, and earned his MBA in finance at the University of Houston. He is a Certified PublicAccountant in the State of Texas and is a member of Financial Executives International (FEI).


David Dible

EVP, Specialty Division

Biography

David Dible is executive vice president of the specialty division of Wal−Mart Stores, Inc. He oversees all Merchandising&Operations for specialty divisions at the company including Pharmacy, Photo, Tire & Lube Express, Optical, Jewelryand Shoes. Since joining the company in 1971, Dible has served as Department Manager; Assistant Store Manager; StoreManager; Buyer for Sporting Goods; Senior Buyer; Divisional Merchandise Manager; Vice President of MerchandiseSystems Development; Senior Vice President and General Merchandise Manager (GMM) for Hardlines; Senior VicePresident and GMM for Home/Seasonal; and Executive Vice President of Merchandising and Sales. Dible earned aBachelor of Science degree from Ft. Hays State University in Kansas. He also served in the United States Army.




Gregory E. (Greg) Spragg, Age 43

EVP, Operations, SAM'S CLUB



SAM'S CLUB EVP, OperationsRecent Work Highlights

SAM'S CLUBTitle held until 2003: SVP, Operations♦

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Biography

Gregory E. Spragg is Executive Vice President of Operations for SAM'S CLUB, a division of Wal−Mart Stores, Inc. Inthis position, Greg has direct operational responsibility for more than 500 SAM'S CLUB domestic units. Greg joined thecompany in 1998 as Vice President of SAM'S CLUB Operations. Prior to joining the company, Greg was the executivevice president of operations for Bi Lo Supermarkets in Greenville, South Carolina. He also served as an executive vicepresident of marketing and operations for Finast Foods Stores in Cleveland, Ohio. Greg attended North Carolina StateUniversity.


Don S. Harris, Age 46

EVP, General Merchandise (Retiring effective April 30, 2004)

Biography

Don Harris is executive vice president of general merchandise for the Wal−Mart division of Wal−Mart Stores, Inc. He isresponsible for overseeing Wal−Mart's general merchandise programs in the United States, including categories such asapparel, electronics and toys. Since joining Wal−Mart in 1980, Harris has served as assistant manager; store manager;buyer; senior buyer; divisional merchandise manager; senior vice president and general merchandise manager; andexecutive vice president of store operations for the Wal−Mart division. Harris is a member of Children's Miracle NetworkBoard of Governors.


James H. (Jim) Haworth, Age 39

EVP Operations, Wal−Mart Stores Division





Wal−Mart Stores, Inc.Title held until 2004: EVP and COO, Wal−Mart Stores Division♦

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Biography

James H. Haworth is Executive Vice President of Operations for the Wal−Mart Stores Division. A 19−year associate ofWal−Mart, Jim has direct operational responsibility for more than 1,500 Wal−Mart Stores, 1,300 Supercenters and morethan 50 Neighborhood Markets. Since joining Wal−Mart in May 1984, Jim has risen through the ranks, serving as anAssistant Store Manager; Manager of stores in Fayetteville, Arkansas and Tulsa, Oklahoma; District Manager in Ohio;Regional Vice President; and in the merchandise department for Wal−Mart. Jim has also served as Regional VicePresident, Senior Vice President, and Executive Vice President of SAM'S CLUB Operations. Jim was promoted to hiscurrent position in August 2001. Jim graduated from Central Missouri State University in Warrensburg, Missouri with abachelor of science degree in business administration in 1984.


Craig R. Herkert

EVP and COO, Wal−Mart International

Biography

Craig R. Herkert currently serves as Executive Vice President and Chief Operating Officer for the Wal−Mart InternationalDivision. He is responsible for International Merchandising (General Merchandise and Food), Marketing, and Operations.Before his promotion in 2002, Craig served as the Senior Vice President and Chief Operating Office of the InternationalDivision. Prior joining Wal−Mart in 2000, Craig was with Albertson's, Inc., in Boise, Idaho in the position of ExecutiveVice−President of Marketing. Craig graduated for St. Francis College with a bachelor's degree in marketing. He also has amaster's degree from Northern Illinois University in Dekalb, Illinois.


Robert (Bob) Connolly, Age 57

EVP, Marketing and Consumer Communications

Biography

Robert F. Connolly serves as Executive Vice President of Marketing and Consumer Communications for the Wal−MartStores Division Since joining the company in 1989 as Vice President and Merchandise Manager of Apparel, Bob hasserved as Senior Vice President, General Merchandise Manager, Vice President of Women's Apparel, and Vice Presidentof Shoes and Jewelry. Bob accepted a position with Montgomery Ward as executive vice president in 1994 and returnedto Wal−Mart in 1996 as Executive Vice President of Merchandise for the Wal−Mart Stores Division. Prior to hisWal−Mart career, Bob was senior vice president of Carson Pirie Scott and Sibleys/Associated Dry Goods. Bob serves onthe advisory board for the Walton College of Business at the University of Arkansas. Bob graduated from RochesterInstitute of Technology in Rochester, N.Y. with a bachelor's degree in business administration.



Doug Degn, Age 44

EVP; Food and Consumables Merchandising

Biography

Doug Degn is executive vice president of food merchandising for Wal−Mart Stores, Inc. In this position, he oversees allfood product programs and consumable product categories for the company. Since joining Wal−Mart in 1983 as pharmacymanager, Degn has served in a variety of executive positions including vice president and divisional merchandisemanager; vice president of pharmacy merchandising and support; and most recently senior vice president and generalmerchandise manager of the Wal−Mart Stores division. Degn graduated from the University of Kansas in 1981 with abachelor of science degree in pharmacy, and he is currently an OTC advisory board member for the National Associationof Chain Drug Stores. Effective April 30, 2003 Degn will assume new responsibilities. In addition to his currentresponsibilities, Degn will oversee several other key merchandise categories such as toys, electronics, sporting goods,lawn and garden and entertainment products.


Claire A. Watts

EVP, Merchandising (Named EVP of Merchandising effective April 30, 2004)


Wal−Mart Stores, Inc.Title held until 2003: SVP, Product Development♦ Title held until 2004: SVP, Product Development♦

•

Biography

Claire A. Watts currently serves as the Executive Vice President of Merchandising for the Wal−Mart Stores Division. Sheis responsible for Wal−Mart's apparel and home furnishing merchandise programs and Wal−Mart's product developmentarea. Claire began her career with Wal−Mart in 1997 as Divisional Merchandise Manager of Product Development. Shewas promoted to Senior Vice President, in October 2001 and to her current position in 2003. Prior to joining Wal−Mart,Claire worked in the retail industry for 17 years. During that time she served with Limited Stores, Lands' End, and MayDepartment Stores. Claire graduated from the University of Cincinnati with a bachelor's degree in marketing.


C. Douglas (Doug) McMillon, Age 35

EVP, Merchandising, SAM'S CLUB



SAM'S CLUB EVP, Merchandising



Biography

Doug McMillon was named Executive Vice President of Merchandising for Sam's Club in August 2002. Previously,McMillion was senior vice president and general merchandise manager for Wal−Mart. McMillon first joined Wal−Mart in1984. Since that time, he has served as a buyer in numerous areas, divisional merchandise manager and vice president andgeneral merchandise manager for Sam's Club International.

Source: Company Press Release, August 23, 2002

James A. Walker Jr., Age 55

SVP and Controller

Biography

James A. Walker, Jr. has served as Senior Vice President and Controller of the Company since 1995


Greg B. Penner

SVP and CFO, Wal−Mart International Holdings Japan, $211,861 salary, $212,500 bonus


Wal−Mart Stores, Inc.Title held until 2003: SVP, Finance and Operations♦

•

Biography

Greg B. Penner, a Senior Vice President of the Company, is the son−in−law of S. Robson Walton, a director of theCompany and beneficial owner of more than 5% of Wal−Mart stock.


Tom Mars, Age 43

SVP and General Counsel

Biography

Tom Mars joined Wal−Mart in February 2002 as vice president and assistant general counsel. He was appointed GeneralCounsel in May 2002. He will be in charge of all litigation activities for the company. Prior to joining Wal−Mart, Marswas appointed director of the Arkansas State Police in 1998. He returned to private practice as a trial lawyer inFayetteville in February 2001. He is a graduate of Arkansas State University and the University of Arkansas School ofLaw, where he finished first in his class in 1985. He was a clerk for Chief Judge Monroe G. McKay of the U.S. 10thCircuit Court of Appeals in Salt Lake City and worked as an associate in the Rose Law Firm in Little Rock. Mars was apartner in the Springdale firm of Stanley, Harrington & Mars from 1988 to 1993 and the Fayetteville firm of Everett &


Mars from 1993 to 1998.

Source: Company Press Release, January 31, 2002

Charlyn Jarrells Porter

SVP, Chief Diversity Officer


Wal−Mart Stores, Inc.Title held until 2004: SVP, Office of Diversity♦

•

Biography

Wal−Mart has appointed 11−year company veteran Charlyn Jarrells Porter to lead the company's new office of diversityin November 2003. In her new role, Porter will report to vice chairman Tom Coughlin. Most recently, Porter led thepeople division, or human resources, for all U.S. Wal−Mart stores. Before joining Wal−Mart, the attorney began hercareer prosecuting crimes against women and children.

Source: DSN Retailing Today, November 19, 2003

Jeff McAllister

SVP; COO, Wal−Mart International Holdings Japan


Wal−Mart Stores, Inc.Title held until 2003: SVP, Wal−Mart International Holdings♦

•

Gary Severson, Age 42

SVP, General Merchandise Manager, Hardlines

Biography

Gary Severson was promoted to Senior Vice President and General Merchandise Manager for Wal−Mart in August 2002.Previously, Severson served as vice president and divisional merchandise manager for Wal−Mart. Severson began hiscareer with Wal−Mart as a buyer in 1994 after spending eight years with Venture Stores. He became vice president anddivisional merchandise manager for Wal−Mart in 1997.

Source: Company Press Release, August 23, 2002

Sue Oliver, Age 56


SVP, People, Wal−Mart Stores, USA (Named SVP, People effective April 5, 2004.)

Biography

Wal−Mart Stores, Inc. today announced the appointment of Sue Oliver as Senior Vice President of People for Wal−MartStores, USA, effective April 5. Oliver formerly served as Senior Vice President − Human Resources for AmericanAirlines, where she was responsible for all human resource functions for both corporate and field operations. In her newrole, Oliver will oversee all aspects of human resources including associate relations, succession planning, retention andtraining and development strategies for all Wal−Mart Stores, Supercenters and Neighborhood Markets in the UnitedStates. Oliver joined American in 1986 as a Counsel in Employee Relations and had spent the majority of her career withAmerican in that department. She was promoted to Vice President of Employee Relations in 1997 and was named SeniorVice President of Human Resources in 2000. Oliver holds a bachelor of arts degree from George Washington Universityand a law degree from the University of Denver. A native of Des Moines, Iowa, Oliver lives in Arlington, Tex. She andher husband have three children.

Source: Company Press Release, March 17, 2004

Ester Silver−Parker

VP, Diversity Relations

Biography

Esther Silver−Parker will join Wal−Mart Stores as its vice president of diversity relations on Dec. 1. She is currentlyAT&T's vp of corporate affairs and corporate citizenship.

Source: DSN Retailing Today, November 19, 2003

Joe Hatfield

President and CEO, Wal−Mart Asia

Biography

Joe Hatfiled, president and chief executive officer at Wal−Mart Asia, was appointed to the board of directors of The Seiyuin March 2003.

Source: The Associated Press, March 26, 2003

John Fleming, Age 44

President and CEO, Wal−Mart.com



Wal−Mart.com USA, LLC President and CEO




Wal−Mart Stores, Inc.Title held until 2001: SVP and Chief Merchandising Officer♦

•

Biography

John Fleming was promoted to president and CEO of Wal−Mart.com, the online unit of Wal−Mart Stores in December2002. Previously Fleming was COO of Wal−Mart.com. Fleming, who joined Walmart.com in 2000 as chief merchantoverseeing procurement of merchandise and managing supplier relations, previously served as senior vice president ofmerchandising for Marshall Fields, a division of Target Corporation. During his years with the retailer, Fleming heldvarious retail and merchandising positions, including vice president and general merchandise manager over apparel,divisional merchandise manager for sportswear, and senior buyer.

Source: Company Press Release, December 19, 2002

Mario Pilozzi, Age 55

President and CEO, Wal−Mart Canada

Biography

Mario Pilozzi has been promoted to the position of President and CEO of the company's Canadian operation. Pilozzi hasspent the past 15 months as Chief Operating Officer of Wal−Mart Canada following more than 35 years of experience inthe Canadian retail industry. Pilozzi joined Wal−Mart Canada in 1994 as Vice−President and General MerchandiseManager of Hardline Merchandise and was promoted to Senior Vice− President of Merchandise and Sales in 1996. InSeptember 2000 he was promoted to Chief Operating Officer. Prior to joining Wal−Mart, Pilozzi held a broad range ofpositions with− Woolworth Canada spanning more than 30 years. Positions included Vice− President of HardlineMerchandise; Administrator of Store Openings; District Manager; Store Manager; and several other key roles inWoolworth's variety and discount−store divisions. In January 2000 Pilozzi received the Sam M. Walton Entrepreneur ofthe Year Award, the company's highest recognition. The award recognizes outstanding retail leadership that exemplifiesthe legendary entrepreneur spirit of Wal−Mart founder Sam Walton. Pilozzi is the first Canadian to be so honoured.Pilozzi is The Honorary Chairperson of the Canadian Branch of the Children's Miracle Network and a Member of TheBoard of Directors of the Retail Council of Canada. He was raised in Montreal and is fluent in English, French and Italian.

Source: Company Press Release, January 28, 2002

Vincent Trius

President, Wal−Mart Brazil



Bompreço S.A. Supermercados do Nordeste President, Wal−Mart Brazil



John Lewis

CFO, Wal−Mart International

Timothy E. Coughlin

Director, Regional Loss Prevention, $78,077 salary, $18,864 bonus

Biography

Timothy E. Coughlin, a Regional Loss Prevention Director of the Company, is the brother of Thomas M. Coughlin,Executive Vice President and President and Chief Executive Officer of Wal−Mart Stores Division and SAM'S CLUBUSA.


Michael L. Grimm

Merchandise Buyer, $71,543 salary, $17,170 bonus

Biography

Michael L. Grimm, a merchandise buyer for the Company, is the son of Thomas R. Grimm, former President and ChiefExecutive Officer of SAM'S CLUB.


James W. (Jim) Breyer, Age 41

Director



Accel Partners Managing Partner

RealNetworks, Inc. DirectorBiography

Managing Partner of Accel Partners, a leading venture capital firm. He is also a director of RealNetworks, Inc. He hasbeen a member of Wal−Mart's Board of Directors since 2001.





M. Michele Burns, Age 46

Director



Cisco Systems, Inc. Director

Delta Air Lines, Inc. EVP and CFO $560,000Recent Work Highlights

Delta Air Lines, Inc.2002: EVP and CFO, $560,000 salary, $846,000 bonus♦ 2001: EVP and CFO, $530,000 salary♦

•

Biography

M. Michele Burns is Executive Vice President and Chief Financial Officer of Delta Air Lines, Inc. since August 2000.Prior to this appointment, she held various positions with Delta Air Lines, Inc., including: Senior Vice President −Finance and Treasurer, from January 2000 to August 2000; Vice President − Corporate Tax and Treasurer, fromSeptember 1999 to January 2000; and Vice President − Corporate Tax, from January 1999 to September 1999. From 1991to January 1999, she was a partner in Arthur Andersen, LLP, an accounting firm. She is also a director of Orbitz, Inc. andWorldspan L.P. Ms. Burns joined the board of directors of Wal−Mart Stores in June 2003.






Overview

Wal−Mart Stores is an irresistible (or at least unavoidable) retail force that has yet to meet any immovable objects. Biggerthan Carrefour, Royal Ahold, and Kroger combined, it is the world's #1 retailer, with about 4,800 stores, including some1,475 discount stores, 1,750 combination discount and grocery stores (Wal−Mart Supercenters in the US and ASDA in theUK), and 538 membership−only warehouse stores (SAM'S CLUB). Nearly 75% of its stores are in the US, but Wal−Martis expanding internationally; it is the #1 retailer in Canada and Mexico. It owns 36% of Japanese supermarket chainSEIYU. Wal−Mart also has operations in South America, Asia, and Europe. Founder Sam Walton's heirs own about 38%of Wal−Mart.

Wal−Mart is famous for its low prices and breadth of merchandise. Another part of the retailing leviathan's appeal is itsefforts to promote a small−town flavor, with friendly greeters and patriotic trappings. The chain doesn't just compete indiscount staples such as food and clothing −− it is a force in many other categories including electronics, health andbeauty products, sporting goods, entertainment (CDs, DVDs, and videos), and toys. Its prescription drug sales make itNorth America's #3 pharmacy operator (behind Walgreen and CVS). Wal−Mart also sells products online.

Already the nation's largest seller of groceries through more than 1,400 Supercenters in 43 states (up from 441Supercenters in 28 states five years ago), Wal−Mart would like to add California to the list. The retailer plans to open 40Supercenters there over the next four years, but is meeting resistance from residents and local governments concernedabout traffic and preserving open space. In Tampa, Florida, Wal−Mart is testing a slimmed−down version of its massiveSupercenters −− the company's most productive format −− designed for urban areas.

Wal−Mart holds a majority stake in Wal−Mart de México. Wal−Mart Puerto Rico recently bought 33 stores from theisland's largest grocery chain, Supermercados Amigo. The company also has stores in Asia, Europe, and South America.Japan too is on Wal−Mart's shopping list. The company, which took a 6% stake in SEIYU LTD. in March 2002, has sinceincreased its holding to 36%. One of Japan's top retailers, SEIYU runs more than 400 stores, including supermarkets,shopping centers, and department stores. In China, where Wal−Mart has more than 30 stores, the company is investing$28 million to open three outlets in the northeastern province of Heilongjiang, and has formed a joint venture to openstores in Shanghai and other cities in eastern China. (Wal−Mart imports about $15 billion in goods annually from China.)

To fuel its global expansion, Wal−Mart plans to add 800,000 workers worldwide over the next five years. In the US up to55 new discount stores and as many as 230 Supercenters are slated to open in 2004.

The company stands accused by federal prosecutors of violating immigration laws and faces a grand jury investigationfollowing midnight raids in October 2003 that uncovered hundreds of illegal immigrants −− employed by outsidecontractors −− cleaning its stores. Soon after, Wal−Mart became the target of a class−action suit saying it violated federalracketeering laws by conspiring with cleaning contractors to cheat immigrant janitors out of wages and the governmentout of workers' compensation, social security payments, and federal payroll taxes. An internal audit by the company inJuly 2000 uncovered extensive violations of child−labor laws and state regulations requiring time for breaks and meals.Wal−Mart claims the audit, which is under court seal, is flawed and meaningless.











History

Sam Walton began his retail career as a J. C. Penney management trainee and later leased a Ben Franklin−franchised dimestore in Newport, Arkansas, in 1945. In 1950 he relocated to Bentonville, Arkansas, and opened a Walton 5 & 10. By1962 Walton owned 15 Ben Franklin stores under the Walton 5 & 10 name.

After Ben Franklin management rejected his suggestion to open discount stores in small towns, Walton, with his brotherJames "Bud" Walton, opened the first Wal−Mart Discount City in Rogers, Arkansas, in 1962. Wal−Mart Stores wentpublic in 1970 with 18 stores and sales of $44 million.

Avoiding regional retailers, Walton opened stores in small and midsized towns in the 1970s. The company sold its BenFranklin stores in 1976. By 1980 Wal−Mart's 276 stores had sales of $1.2 billion.

In 1983 Wal−Mart opened SAM'S Wholesale Club, a concept based on the successful cash−and−carry, membership−onlywarehouse format pioneered by the Price Company of California (now Costco Wholesale Corp.)

The company started Hypermart*USA in 1987 as a joint venture with Dallas−based supermarket chain CullumCompanies (now Randall's Food Markets). The 200,000−sq.−ft. discount store/supermarket hybrid was later retooled asWal−Mart Supercenters. Sam stepped down as CEO in 1988 and president David Glass was appointed CEO. Wal−Martbought out Cullum the next year.

Wal−Mart acquired wholesale distributor McLane Company in 1990. In 1992, the year Sam died, the company expandedinto Mexico through a joint venture to open SAM'S CLUBS with Mexico's largest retailer Cifra (renamed Wal−Mart deMéxico in 2000). Wal−Mart acquired 122 former Woolco stores in Canada in 1994. Co−founder Bud died a yearlater.

More international expansion included entering China in 1996; the acquisition of German hypermarket chain Wertkauf in1997; the purchase of Brazilian retailer Lojas Americanas' 40% interest in a joint venture (1998); and the addition of fourstores and other sites in South Korea. Also in 1998 the company began testing the Neighborhood Market format, a40,000−sq.−ft. grocery and drug combination store. In 1999 Wal−Mart bought 74 German−based Interspar hypermarketsand acquired ASDA Group, the UK's third−largest supermarket chain.

COO Lee Scott succeeded Glass as CEO in 2000; Glass stayed on as chairman of the executive committee. Wal−Martlater began testing its customers' demand for appliances by selling household appliances in selected stores.

Following the bankruptcy and closure of the Montgomery Ward department store chain in 2001, Wal−Mart offered toreplace Ward's customers' credit cards with Wal−Mart branded cards. Wal−Mart also formed an alliance with AmericaOnline to offer Internet access and later launched its No Boundaries private−label cosmetics for pre−teens and teenagers.In June 2001 a group of six current and former female Wal−Mart employees filed a sex−discrimination lawsuit (seekingto represent up to 500,000 current and former Wal−Mart workers) against the company. The next month Wal−Mart said itwould acquire all the minority interests in Walmart.com and integrate its online operations with its store operations. It alsolaid off 100 employees at its corporate headquarters and eliminated 300 unfilled positions. In August it said it was testingthe sale of Sealy and private−label mattresses in some of its superstores, and it began offering college textbooksdiscounted up to 30% at its online College Bookstore.

2002 was a huge year for Wal−Mart both at home and abroad. In April the company was crowned America's largestcorporation by FORTUNE magazine. In March Wal−Mart gained a foothold in Japan, taking a 6% stake in one of Japan'stop retailers, SEIYU . That December it increased its SEIYU stake to 36%, and retains the option to up that to nearly 67%by 2007. In a rare defeat, Wal−Mart in July closed its first store in Germany, and 2,000 workers there went on a two−daystrike over wages. (In 2001 Wal−Mart scrapped plans to open 50 more Supercenters there by 2003.) Also in 2002Wal−Mart Puerto Rico acquired Supermercados Amigo, the #1 supermarket chain on the island. (Wal−Mart opened itsfirst Supercenter there in April 2001.)





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Overall in 2002 Wal−Mart opened 178 supercenters, 33 discount stores, and 25 SAM'S CLUB stores. It opened 107international units, with two in Brazil, 22 in Canada, eight in China, two in Germany, three in South Korea, 59 in Mexico,two in Puerto Rico, and nine in the UK.

In May 2003 Wal−Mart sold its McLane grocery distribution business to Berkshire Hathaway; a rare divestment for theworld's largest retailer. In July it opened its first store in Beijing.

In February 2004, a federal judge ruled that Wal−Mart should pay workers for overtime hours. The ruling, brought byplaintiffs who said they were forced to work unpaid overtime between 1994 and 1999, came at a time when workingconditions at the company are being scrutinized. In March, Wal−Mart acquired the 118−store Bompreço chain ofBrazilian supermarkets and hypermarkets from troubled Dutch retailer Royal Ahold for $300 million, advancing theworld's largest retailer from fifth to third place in the Brazilian market. In March, Wal−Mart opened its online music store,which sells digital downloads for 11 cents less than major competitors ( including Apple Computer's iTunes and Napster).






Products/Operations

2003 Stores No.US Texas 364 Florida 191 California 163 Illinois 141 Missouri 128 Ohio 124 Georgia 123 North Carolina 116 Pennsylvania 113 Tennessee 107 Oklahoma 100 Indiana 98 Alabama 94 Louisiana 94 New York 92 Arkansas 88 Virginia 86 Michigan 84 Kentucky 80 Wisconsin 80 Mississippi 68 South Carolina 68 Colorado 60 Iowa 58 Kansas 58 Minnesota 55 Arizona 51 Maryland 50 Massachusetts 45 New Jersey 38 Washington 37 Connecticut 32 West Virginia 31 New Hampshire 29 New Mexico 29 Utah 29 Oregon 27 Maine 24 Nebraska 24 Nevada 23 Idaho 17 Montana 12 South Dakota 12 Wyoming 11 North Dakota 10 Alaska 9 Rhode Island 9 Delaware 7 Hawaii 7 Vermont 4Mexico 597UK 258Canada 213Germany 94Puerto Rico 52China 26Brazil 22South Korea 15


Argentina 11

Total 4,688

2003 Sales $ mil. % of totalWal−Mart Stores 157,121 64International 40,794 17SAM'S CLUB 31,702 13Other 14,907 6

Total 244,524 100

2003 Stores No.Discount stores 1,568Supercenters 1,258SAM'S CLUB 525Neighborhood Markets 49International stores 1,288

Total 4,688

2003 Sales % of totalGrocery, candy & tobacco 24Hardgoods (hardware, housewares, auto supplies, small appliances) 20Softgoods/domestics 18Electronics 9Pharmaceuticals 9Health & beauty aids 7Sporting goods & toys 6Stationery 3One−hour photo 2Jewelry 1Shoes 1

Total 100

Retail Divisions

ASDA (large, combination general merchandise and food stores)• Neighborhood Markets (traditional supermarkets)• SAM'S CLUB (members−only warehouse clubs)• Supercenters (large, combination general merchandise and food stores)• Wal−Mart International Division (foreign operations)• Wal−Mart Stores (general merchandise)•

Support Divisions

Wal−Mart Distribution Centers (45 regional centers, primarily supplying Wal−Marts and Supercenters)•

Selected Private Labels

Catalina (clothing, licensed)• Equate (health and beauty aids)• Faded Glory (jeans, licensed)• Great Value (dairy, dry grocery, meat, and produce)•


McKids (children's clothing, licensed)• Member's Mark (Sam's Clubs store brand)• Ol' Roy (dog food)• One Source (vitamins)• Sam's American Choice (grocery items)• White Stag (clothing, licensed)•

Archived Charts

2002 Sales % of totalGrocery, candy & tobacco 22Hard goods (hardware, housewares, auto supplies, small appliances) 21Soft goods/domestics 18Pharmaceuticals 9Electronics 9Health & beauty aids 7Sporting goods & toys 7Stationery 3One−hour photo 2Jewelry 1Shoes 1

Total 100

2002 Stores No.Discount stores 1,647Supercenters 1,066Sam's Club 500Neighborhood Markets 31International stores 1,151

Total 4,395

2002 Stores No.US Texas 342 Florida 182 California 154 Illinois 140 Missouri 128 Ohio 116 Georgia 115 North Carolina 112 Tennessee 104 Pennsylvania 102 Indiana 97 Oklahoma 98 Alabama 92 Louisiana 91 Arkansas 89 New York 86 Virginia 81 Michigan 80 Kentucky 79 Wisconsin 74 South Carolina 68 Mississippi 66 Iowa 58


Kansas 57 Colorado 56 Minnesota 52 Arizona 49 Maryland 43 Massachusetts 42 New Jersey 34 Washington 34 West Virginia 31 New Hampshire 27 New Mexico 26 Oregon 26 Connecticut 26 Utah 25 Nebraska 24 Maine 23 Nevada 21 Idaho 16 Montana 12 Wyoming 11 South Dakota 11 North Dakota 10 Alaska 9 Rhode Island 9 Delaware 7 Hawaii 7 Vermont 4Mexico 551UK 250Canada 196Germany 95Brazil 22China 19Puerto Rico 17Argentina 11South Korea 9

Total 4,395

2002 Sales $ mil. % of totalWal−Mart Stores 139,131 64SAM's Clubs 29,395 13International 35,485 17Other 13,788 6

Total 217,799 100


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Related Products From Our Trusted Partners

Buy Reports and Books

D&B Business/Credit Reports: Wal−Mart Stores, Inc.(D&B, Feb 1, 2004, Business Reports)

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Wal−Mart Stores, Inc.: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

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Quantitative Report for WMT(ValuEngine, Inc., Jan 1, 2004, Business Reports)

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Retail Travail: Selling in a Wal−Mart World(Hoover's, Inc., Feb 1, 2004, Business Reports)

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Drugs & Druggists' Sundries Wholesale Major Companies Report(Harris Industry Reports, Aug 12, 2003, Business Reports)

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Discount & Variety Retail: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

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All Other General Merchandise Stores in the US(IBISWorld, Jan 28, 2004, Business Reports)

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Special Package: Online Retail Strategies and Projections(Forrester Research Inc, Jan 1, 2001, Business Reports)

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Annual Financials

All amounts in millions of US Dollars

Income Statement Jan 04 (Prelim.) Jan 03 Jan 02

Revenue 256,329.0 244,524.0 217,799.0

Cost of Goods Sold −− 188,406.0 168,272.0

Gross Profit −− 56,118.0 49,527.0

Gross Profit Margin −− 22.9% 22.7%

SG&A Expense −− 41,043.0 36,173.0

Depreciation & Amortization −− 3,432.0 3,290.0

Operating Income −− 11,643.0 10,064.0

Operating Margin −− 4.8% 4.6%

Nonoperating Income −− 2,139.0 2,013.0

Nonoperating Expenses −− 1,063.0 1,326.0

Income Before Taxes −− 12,719.0 10,751.0

Income Taxes −− 4,487.0 3,897.0

Net Income After Taxes −− 8,232.0 6,854.0

Continuing Operations 8,861.0 8,039.0 6,671.0

Discontinued Operations 193.0 0.0 0.0

Total Operations 9,054.0 8,039.0 6,671.0

Total Net Income 9,054.0 8,039.0 6,671.0

Net Profit Margin 3.5% 3.3% 3.1%

Diluted EPS from Continuing Operations ($) 2.03 1.81 1.49

Diluted EPS from Discontinued Operations ($) 0.04 0.00 0.00

Diluted EPS from Total Operations ($) 2.07 1.81 1.49

Diluted EPS from Total Net Income ($)

Dividends per Share 0.36 0.30 0.28

Balance Sheet Jan 04 (Prelim.) Jan 03 Jan 02

Assets

Current Assets

Cash −− 2,758.0 2,161.0

Net Receivables −− 2,108.0 2,000.0

Inventories −− 24,891.0 22,614.0


Other Current Assets −− 726.0 1,471.0

Total Current Assets −− 30,483.0 28,246.0

Net Fixed Assets −− 51,904.0 45,750.0

Other Noncurrent Assets −− 12,298.0 9,455.0

Total Assets −− 94,685.0 83,451.0

Liabilities and Shareholders' Equity Jan 04 (Prelim.) Jan 03 Jan 02

Current Liabilities

Accounts Payable −− 17,140.0 15,617.0

Short−Term Debt −− 5,793.0 3,148.0

Other Current Liabilities −− 9,684.0 8,517.0

Total Current Liabilities −− 32,617.0 27,282.0

Long−Term Debt −− 19,608.0 18,732.0

Other Noncurrent Liabilities −− 0.0 0.0

Total Liabilities −− 55,348.0 48,349.0

Shareholders' Equity

Preferred Stock Equity −− 0.0 0.0

Common Stock Equity −− 39,337.0 35,102.0

Total Equity −− 39,337.0 35,102.0

Shares Outstanding (mil.) 4,328.0 4,395.0 4,453.0

Cash Flow Statement Jan 04 (Prelim.) Jan 03 Jan 02

Net Operating Cash Flow −− 12,532.0 10,260.0

Net Investing Cash Flow −− (9,709.0) (7,146.0)

Net Financing Cash Flow −− (2,222.0) (2,978.0)

Net Change in Cash −− 597.0 107.0

Depreciation & Amortization −− 3,432.0 3,290.0

Capital Expenditures −− (10,104.0) (8,383.0)

Cash Dividends Paid −− (1,328.0) (1,249.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia


http://www.mgfs.com

Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter Ending Jan

04 (Prelim.)Quarter Ending

Oct 03Quarter

Ending Jul 03Quarter Ending

Apr 03

QuarterEndingJan 03

Revenue 74,494.0 62,480.0 62,637.0 56,718.0 71,073.0

Cost of Goods Sold −− 47,321.0 47,344.0 43,030.0 55,262.0

Gross Profit −− 15,159.0 15,293.0 13,688.0 15,811.0

Gross Profit Margin −− 24.3% 24.4% 24.1% 22.2%

SG&A Expense −− 11,344.0 11,142.0 10,216.0 11,112.0

Depreciation & Amortization −− 971.0 954.0 888.0 985.0

Operating Income −− 2,844.0 3,197.0 2,584.0 3,714.0

Operating Margin −− 4.6% 5.1% 4.6% 5.2%

Nonoperating Income −− 591.0 632.0 544.0 551.0

Nonoperating Expenses −− 242.0 252.0 250.0 255.0

Income Before Taxes −− 3,193.0 3,577.0 2,878.0 4,010.0

Income Taxes −− 1,117.0 1,253.0 1,006.0 1,417.0

Net Income After Taxes −− 2,076.0 2,324.0 1,872.0 2,593.0

Continuing Operations 2,722.0 2,028.0 2,283.0 1,830.0 2,529.0

Discontinued Operations 0.0 0.0 161.0 31.0 0.0

Total Operations 2,722.0 2,028.0 2,444.0 1,861.0 2,529.0

Total Net Income 2,722.0 2,028.0 2,444.0 1,861.0 2,529.0

Net Profit Margin 3.7% 3.2% 3.9% 3.3% 3.6%

Diluted EPS fromContinuing Operations ($)

0.63 0.46 0.52 0.41 0.57

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.04 0.01 0.00

Diluted EPS from TotalOperations ($)

0.63 0.46 0.56 0.42 0.57

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.09 0.09 0.09 0.09 0.08

Balance SheetQuarter Ending Jan

04 (Prelim.)Quarter Ending

Oct 03Quarter

Ending Jul 03Quarter Ending

Apr 03

QuarterEndingJan 03


Assets

Current Assets

Cash −− 3,312.0 4,472.0 2,468.0 2,758.0

Net Receivables −− 1,111.0 1,062.0 985.0 2,108.0

Inventories −− 31,286.0 25,684.0 25,927.0 24,891.0

Other Current Assets −− 1,081.0 935.0 1,968.0 726.0

Total Current Assets −− 36,790.0 32,153.0 31,348.0 30,483.0

Net Fixed Assets −− 56,202.0 54,516.0 52,266.0 51,904.0

Other Noncurrent Assets −− 11,829.0 12,117.0 12,859.0 12,298.0

Total Assets −− 104,821.0 98,786.0 96,473.0 94,685.0

Liabilities andShareholders' Equity

Quarter Ending Jan04 (Prelim.)

Quarter EndingOct 03

QuarterEnding Jul 03

Quarter EndingApr 03

QuarterEndingJan 03

Current Liabilities

Accounts Payable −− 20,585.0 17,484.0 17,855.0 17,140.0

Short−Term Debt −− 7,803.0 5,400.0 4,562.0 5,793.0

Other Current Liabilities −− 10,837.0 9,949.0 9,805.0 9,684.0

Total Current Liabilities −− 39,225.0 32,833.0 32,222.0 32,617.0

Long−Term Debt −− 19,948.0 20,207.0 20,939.0 19,608.0

Other Noncurrent Liabilities −− 0.0 0.0 12.0 0.0

Total Liabilities −− 62,649.0 56,192.0 56,273.0 55,348.0

Shareholders' Equity

Preferred Stock Equity −− 0.0 0.0 0.0 0.0

Common Stock Equity −− 42,172.0 42,594.0 40,200.0 39,337.0

Total Equity −− 42,172.0 42,594.0 40,200.0 39,337.0

Shares Outstanding (mil.) 4,328.0 4,328.0 4,369.2 4,378.9 4,395.0

Cumulative Cash FlowStatement

Quarter Ending Jan04 (Prelim.)

Quarter EndingOct 03

QuarterEnding Jul 03

Quarter EndingApr 03

QuarterEndingJan 03

Net Operating Cash Flow −− 7,692.0 6,317.0 2,653.0 12,532.0

Net Investing Cash Flow −− (5,598.0) (2,956.0) (1,854.0) (9,709.0)

Net Financing Cash Flow −− (1,610.0) (1,555.0) (960.0) (2,222.0)

Net Change in Cash −− 554.0 1,714.0 (270.0) 597.0


Depreciation & Amortization −− 971.0 954.0 888.0 985.0

Capital Expenditures −− (5,422.0) (4,646.0) (1,996.0) (10,104.0)

Cash Dividends Paid −− (1,180.0) (788.0) (395.0) (1,328.0)

Data Definitions



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Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Jan 03 244,524.0 8,039.0 3.3% 1,400,000

Jan 02 217,799.0 6,671.0 3.1% 1,383,000

Jan 01 191,329.0 6,295.0 3.3% 1,244,000

Jan 00 165,013.0 5,377.0 3.3% 1,140,000

Jan 99 137,634.0 4,430.0 3.2% 910,000

Jan 98 117,958.0 3,526.0 3.0% 825,000

Jan 97 104,859.0 3,056.0 2.9% 728,000

Jan 96 93,627.0 2,740.0 2.9% 675,000

Jan 95 82,494.0 2,681.0 3.2% 622,000

Jan 94 67,344.6 2,333.3 3.5% 528,000

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Jan 03 63.9 41.5 47.8 35.3 22.9 1.8 0.3 9.0

Jan 02 60.0 41.5 60.0 40.3 27.9 1.5 0.3 7.9

Jan 01 64.9 41.4 56.8 46.4 29.6 1.4 0.2 7.0

Jan 00 70.2 38.9 54.8 56.2 31.1 1.2 0.2 5.8

Jan 99 43.2 20.1 43.0 43.7 20.3 1.0 0.2 4.7

Jan 98 21.0 11.5 19.9 26.9 14.7 0.8 0.1 4.1

Jan 97 14.1 10.1 11.9 21.1 15.0 0.7 0.1 3.8

Jan 96 13.8 9.6 10.2 23.0 15.9 0.6 0.1 3.2

Jan 95 14.6 10.3 11.4 24.8 17.5 0.6 0.1 2.8

Jan 94 17.1 11.5 13.2 33.5 22.5 0.5 0.1 2.3

2003 Year−End Financials

Debt ratio 49.8%

Return on equity 20.4%

Cash ($ mil.) 2,758.0

Current ratio 0.93

Long−term debt ($ mil.) 19,608.0


Shares Outstanding (mil.) 4,395.0

Dividend yield 0.6%

Dividend payout 16.6%

Market Cap ($ mil.) 210,081.0

Data Definitions



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Market Data

Current Information

Last Close 23−Mar−2004 $58.21 Price/Sales Ratio 0.98

52−Week High $61.31 Price/Book Ratio 5.98

52−Week Low $50.50 Price/Earnings Ratio 28.12

60−Month Beta 0.8 Price/Cash Flow Ratio 19.87

Market Cap (mil.) $251,932.9Return on Assets 8.6%

Shares Outstanding (mil.) 4,328.0 Return on Equity 21.5%

Dividend Rate 0.52 Current Ratio 0.94

Dividend Yield 0.9% Long−Term Debt/Equity −−

# of Institutional Holders 3,042 % Owned by Institutions 36.2%

Latest Short Interest Ratio 2.10 Latest Net Insider Transactions 0.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 4.8% 10.4% 13.4%

EPS Growth 14.4% 14.7% 14.8%

Dividend Growth 20.0% 13.7% 16.7%

Data Definitions



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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin 24.72% 24.12% 48.25%

Pre−Tax Profit Margin 5.33% 5.05% 6.92%

Net Profit Margin 3.53% 3.18% 4.05%

Return on Equity 21.5% 18.8% 7.9%

Return on Assets 8.6% 7.8% 1.3%

Return on Invested Capital 14.6% 12.5% 3.8%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 0.98 0.90 1.37

Price/Earnings Ratio 28.12 28.90 33.17

Price/Book Ratio 5.98 5.33 2.66

Price/Cash Flow Ratio 19.87 18.92 13.40

Operations Company Industry 1 Market 2

Days of Sales Outstanding 1.56 7.88 58.63

Inventory Turnover 6.3 7.2 7.6

Days Cost of Goods Sold in Inventory 57 50 47

Asset Turnover 2.6 2.5 0.3

Net Receivables Turnover Flow 168.2 46.0 6.3

Effective Tax Rate 35.1% 36.0% 41.1%

Financial Company Industry 1 Market 2

Current Ratio 0.94 1.16 1.42

Quick Ratio 0.1 0.3 1.0

Leverage Ratio 2.49 2.39 5.95

Total Debt/Equity 0.66 0.61 1.42

Interest Coverage 14.50 11.30 2.30

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 59.23 52.15 19.90

Fully Diluted Earnings Per Sharefrom Total Operations

2.07 1.63 0.82

Dividends Per Share 0.36 0.25 0.43

Cash Flow Per Share 2.93 2.49 2.03

Working Capital Per Share (0.56) 1.12 2.26

Long−Term Debt Per Share 4.61 4.42 11.10

Book Value Per Share 9.74 8.84 10.24


Total Assets Per Share 24.22 21.14 60.91

Growth Company Industry 1 Market 2

12−Month Revenue Growth 4.8% 2.3% 7.0%

12−Month Net Income Growth 12.6% 1.9% 147.2%

12−Month EPS Growth 14.4% 1.2% 156.3%

12−Month Dividend Growth 20.0% 4.2% 4.9%

36−Month Revenue Growth 10.4% 5.0% 2.5%

36−Month Net Income Growth 13.6% 13.9% (9.3%)

36−Month EPS Growth 14.7% 16.9% (10.0%)

36−Month Dividend Growth 13.7% 8.6% 2.2%1Industry: Discount, Variety StoresIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions



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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key Numbers Wal−Mart Costco Wholesale Kmart 1 Target

Annual Sales ($mil.) 256,329.0 42,545.6 30,762.0 48,163.0

Employees −− 103,000 212,000 −−

Market Cap ($mil.) 251,932.9 16,706.1 −− 39,958.5

Profitability Wal−Mart Costco Wholesale Kmart 1 Target Industry 2 Market 3

Gross Profit Margin 24.72% 16.11% −− 35.60% 24.12% 48.25%

Pre−Tax Profit Margin 5.33% 2.59% −− 5.68% 5.05% 6.92%

Net Profit Margin 3.53% 1.72% −− 3.82% 3.18% 4.05%

Return on Equity 21.5% 11.5% −− 17.9% 18.8% 7.9%

Return on Assets 8.6% 5.4% −− 5.9% 7.8% 1.3%

Return on Invested Capital 14.6% 9.6% −− 8.7% 12.5% 3.8%

Valuation Wal−Mart Costco Wholesale Kmart 1 Target Industry 2 Market 3

Price/Sales Ratio 0.98 0.37 −− 0.83 0.90 1.37

Price/Earnings Ratio 28.12 21.97 −− 21.81 28.90 33.17

Price/Book Ratio 5.98 2.45 −− 3.89 5.33 2.66

Price/Cash Flow Ratio 19.87 14.65 −− 13.33 18.92 13.40

Operations Wal−Mart Costco Wholesale Kmart 1 Target Industry 2 Market 3

Days of Sales Outstanding 1.56 2.88 −− 40.12 7.88 58.63

Inventory Turnover 6.3 9.8 −− 5.2 7.2 7.6

Days Cost of Goods Sold in Inventory 57 37 −− 69 50 47

Asset Turnover 2.6 3.4 −− 1.6 2.5 0.3

Net Receivables Turnover Flow 168.2 110.2 −− 9.4 46.0 6.3

Effective Tax Rate 35.1% 37.4% −− 38.0% 36.0% 41.1%

Financial Wal−Mart Costco Wholesale Kmart 1 Target Industry 2 Market 3

Current Ratio 0.94 1.11 −− 1.55 1.16 1.42

Quick Ratio 0.1 0.4 −− 0.7 0.3 1.0

Leverage Ratio 2.49 2.11 −− 3.06 2.39 5.95

Total Debt/Equity 0.66 0.19 −− 1.22 0.61 1.42

Interest Coverage 14.50 32.80 −− 5.70 11.30 2.30

Per Share Data ($) Wal−Mart Costco Wholesale Kmart 1 Target Industry 2 Market 3

Revenue Per Share 59.23 98.90 −− 52.84 52.15 19.90

Fully Diluted Earnings Per Sharefrom Total Operations

2.07 1.66 −− 2.01 1.63 0.82




















Dividends Per Share 0.36 0.00 −− 0.26 0.25 0.43

Cash Flow Per Share 2.93 2.49 −− 3.29 2.49 2.03

Working Capital Per Share (0.56) 1.46 −− 5.14 1.12 2.26

Long−Term Debt Per Share 4.61 2.84 −− 12.07 4.42 11.10

Book Value Per Share 9.74 14.86 −− 11.26 8.84 10.24

Total Assets Per Share 24.22 31.27 −− 34.48 21.14 60.91

Growth Wal−Mart Costco Wholesale Kmart 1 Target Industry 2 Market 3

12−Month Revenue Growth 4.8% 12.6% −− 9.7% 2.3% 7.0%

12−Month Net Income Growth 12.6% 10.6% −− 11.3% 1.9% 147.2%

12−Month EPS Growth 14.4% 10.7% −− 11.1% 1.2% 156.3%

12−Month Dividend Growth 20.0% −− −− 8.3% 4.2% 4.9%

36−Month Revenue Growth 10.4% 8.8% −− 9.4% 5.0% 2.5%

36−Month Net Income Growth 13.6% 6.9% −− 14.1% 13.9% (9.3%)

36−Month EPS Growth 14.7% 6.5% −− 14.0% 16.9% (10.0%)

36−Month Dividend Growth 13.7% −− −− 7.5% 8.6% 2.2%

1 Data unavailable.2 Industry: Discount, Variety StoresIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions






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